According to the Associated Press, the World now has 10 million millionaires.
The great news is that there has been a 6% increase in the number of millionaires worldwide and their wealth increased by 9%, last year. Whatever your opinion on the morality of accumulating wealth, the fact that wealth is increasing worldwide is of benefit to everyone. Wherever wealth is created, jobs are created and opportunities are created. To believe otherwise, is to contradict thousands of years of human history.
The number of millionaires from developing countries, such as China, India and Brazil, has increased by 23%. This is a very positive development, because opportunities for the working-class in these countries have been very limited in the past. Although the standard of living hasn’t increased radically in most developing countries, there is definitely a growing middle class. This has fueled a surge in international demand for products and services from Europe and North America.
Here in America
Despite all of the doom and gloom about the American economy, we are doing quite well. One third of the world’s millionaires come from the U.S., despite the fact we represent less than 5% of the world’s population. And, the wealth of our millionaires is increasing, despite the recent economic slowdown, the real estate crash and the shaky financial sector. The American working-class may feel left out of the boom, but the future of our economy appears to be robust. So, opportunities will continue to be available to most who apply themselves. The wealth disparity will also continue to exist, as it has for centuries. Hopefully, it will begin to shrink, instead of continuing to grow.
The Bottom Line
The bottom line is that dynamic companies and individuals create wealth. That is how America became the wealthiest country in the world, in a very short span of history. And, wealth itself is not the only benefit. The products and services created by the wealthy are the other. Think about life today without electricity, TVs, computers, automobiles, supermarkets, etc. From the “Millionaire Next Door” plumber or electrician, to the billionaires such as Sam Walton and Bill Gates, the wealthy often give a lot for what they receive.