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Germany home to one million millionaires

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Germany home to one million millionaires
Photo: DPA
13:24 CEST+02:00
Germany has the third highest population of millionaires of any country in the world, and according to a study released on Wednesday, their piles of gold are growing faster than the world economy.

Germany is home to over a million dollar millionaires - a number dwarfed only by the hordes of superrich in the USA and Japan, said a joint study by Capgemini consultancy and Royal Bank of Canada released this week.

The World Wealth Report 2013 said that Germany's millionaires – each of whom have financial assets worth more than US$1 million (around €747,000) – are getting richer. Between them the nation's super-rich owned $3.7 billion dollars in 2012 – up seven percent on the previous year.

The annual global study, which only considered the financial assets of the world's twelve million dollar millionaires and ignored fortunes tied up in private houses, yachts, luxury cars, or artworks - said that 2012 was a year in which the rich got richer everywhere.

Dollar millionaires' fortunes were up 10 percent over 2011, soaring to a record global total of $46.2 billion, said the study authors.

2012 also saw a dramatic peak in the fortunes of the world's 111,000 ultra rich – those with average financial assets worth more than $30 million – whose piles of cash grew by around 11 percent over 2011.

Meanwhile, global economic growth dragged along at a stagnant 2.2 percent.

Fifty percent of dollar millionaires live in the top three millionaire destinations - the US, Japan and Germany, wrote Focus news magazine on Wednesday, with the world's fastest growing millionaire populations to be found in Hong Kong, India, Thailand and New Zealand.

The Local/jlb

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