Millionaires and potential future millionaires will be pleased to hear the news that despite the current economic insanity that we’re trying to squeeze ourselves out of, the number of millionaires is expected to multiply more rapidly than in the past ten years.
In fact, the Wealth Bulletin suggests that there is already “plenty of evidence to suggest that the world economy is returning to health. The consensus growth forecast for the US sees GDP expanding by around 2 percent this year. France and Germany are predicted to have similar growth rates.”
Germany, home to the second largest number of millionaires in Europe, after the UK, is already seeing a significantly rapid moving recovery, and there are a number of economists who are standing firm behind the idea that the “private sector will recover much more rapidly than those who are huddling around the consensus.”
Despite more stringent taxes on the millionaire generation, it’s assumed that a rapid private-sector recovery will be good news. The Wealth Bulliten, however, argues that it’s likely that the tougher taxes on the wealthy will probably ease a bit over the next ten years as governments wake up to the fact that taxing the wealthy can be harmful “to enterprise and their own revenue-generating efforts.”
It’s also reported that there will be a big millionaire generation sprouting from the emerging markets over the next decade. “Millionaire number growth rates in China and India will continue to outpace the rest of the world.”
There are approximately nine million millionaires, those with a $1 million in net assets, globally at the moment. In the past decade, their numbers grew approximately 25 percent. Looking back to 2000, anyone who predicted a 25 percent increase in millionaire numbers over ten years may have been ignored, but despite “economic, political, and social difficulties,” their numbers flourished.
Which is exactly what is expected to happen again.