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Above Ten Million Millionaires

The number of dollar millionaires has rapidly advanced, especially in emerging countries such as India and China. Last year, 10.1 million millionaires represented a six-percent rise over 2006.

Warren Buffett, the richest man in the world

Last year, the number of dollar millionaires was 10.1 million - six per cent more than in 2006. The number of super rich with assets worth over 30 million dollars increased even more rapidly than the number of millionaires,  as reported in a study published by consulting company Capgemini and investment bank Merrill Lynch.

According to the figures, this group of super rich increased by above 8.8 per cent to 103,320. The study only takes into account the financial assets and excludes private residences and homes. In Germany, according to this calculation, there were 826,000 millionaires, or 3.5 per cent, more than in 2006.

For the first time, in 2007, the average wealth of the rich exceeded the four million dollar mark. Wealthy individuals in this class had a combined amount of over 40.7 billion dollars (26.2 billion euros) - an increase of 9.4 per cent compared to 2006. Authors of the "World Wealth Report" traced a substantial increase over the second half-year, despite economic instability, primarily to the growth of stock market capitalisations in emerging countries.

Millionaire boom in India and China

Most of last year's new millionaires came from booming emerging countries - the study shows an increase of 22.7 per cent for India, 20.3 per cent for China, and 19.1 per cent for Brazil. The figure rose in the Middle East by 15.6 per cent (to about 400,000) and in Latin America by 12.2 per cent (also to about 400,000). Most of the rich - 3.3 million - continue to live in North America, followed by Europe (3.1 million) and the Asia-Pacific region (2.8 million). The number of millionaires in Africa - about 100,000 (plus ten per cent) - remains comparatively low.

According to the study, by the year 2012, millionaires' assets are set to increase annually by 7.7 per cent to 59.1 billion US dollars. At 4.9 per cent, growth in Europe will remain below average.

The "World Wealth Report" also examined what type of luxury millionaires love to afford. The results were that Europeans and South Americans spend above-average sums on art (22 and 21 per cent, respectively, of luxury expenditure), in Asia and the Middle East, jewellery is the top purchase (19 and 15 per cent, respectively), and in North America, it is luxury travel and items such as cars, yachts and private jets (17 per cent).

Bankers place high hopes in wealthy women who are extremely interested in managing their money. The clichéd view of gender stereotypes, as described by the expert Jürgen Espenhorst, is no longer the norm everywhere. According to Espenhorst: "Women are mostly the ones who control public and social life, even among the rich." The men are focused on doing business. The wives - or at least those not working themselves - compete with each other. Victory and defeat on the social scene is decided by owning villas on the right street, a garden with mature trees, handbags that are as expensive as a small car, holiday homes and invitations to parties from other people who are even more influential and rich. Espenhorst comments: "That's not so important for the men, as they define their self-esteem by way of their successes. But the women want to show what they can afford."

Holidaying in St. Moritz, St.-Tropez or on Sylt, the wealthy find their own type by corresponding clothing, cars, watches and jewellery. Experts speak of a "code of the rich". But when it comes to the small things in life, the elite rich still have some wonderful habits. For instance, whenever billionaire Friedrich Flick took a lunch break, he wished his directors "bon appetit" on their way to the casino, while he took a walk in the park with his brother-in-law. The two unpacked their sandwiches on a park bench and brought along their coffee in a thermos flask.

This "being stingy is cool" attitude, which is often embarrassing to regular salary earners, is not just typical of the post-war generation. One Frankfurt financial adviser can tell a story about a millionaire who is recovering from food poisoning: "He buys food that is past the sell-by date, because it is cheaper."