Even as much of the world struggles under the burden of fiscal crisis (Greece and Spain, for example, and the United States); just as American states and cities can no longer afford even the most basic funding for education, health care, and infrastructure, Wall Street Journal reporter Robert Frank wrote on May 31 that:
“Last year was another good year for millionaires – though their pace of growth is slowing.
“According to a new report by Boston Consulting Group, the number of millionaire households in the world grew by 12.2% in 2010, to 12.5 million.The U.S. continues to lead the world in millionaires, with 5.2 million millionaire households.
“The most important trend … is the global wealth distribution. According to the report, the world’s millionaires represent 0.9% of the world’s population but control 39% of the world’s wealth, up from 37% in 2009. Their wealth now totals $47.4 trillion in investible wealth, up from $41.8 trillion in 2009.
Those higher up the wealth ladder also gained. Those with $5 million or more, who represent 0.1% of the population, controlled 22% of the world’s wealth, up from 20 percent in 2009.
“As you can see from the accompanying chart, millionaires-control-39-of-the-worlds-wealth/millionaires control 29% of North America’s wealth. …
“The data supports a trend we have been seeing for years: the rise of the global, winner-take-all (or most) economy.”