There Are 10 Million Millionaires In The World

The number of people in the world with at least $1 million in assets passed 10 million for the first time last year.

For the first time ever, the number of high net worth individuals* (HNWIs) in the world pasted the 10 million mark last year, according to the 2008 World Wealth report released by Merrill Lynch and Capgemini.

The number of high net worth individuals in the world increased 6 percent in 2007 to 10.1 million, the number of ultra high net worth individuals** increased by 8.8 percent, and for the first time in the history of the Report, the average assets held by HNWIs exceeded US$4 million.

The combined wealth of the globe's high net worth individuals grew to nearly $41 trillion last year.

The majority of HNWIs are in the United States, with one out of every three millionaires being American. Developing economies in India, China and Brazil resulted in huge growth that is out-pacing the United States.

"This year’s Report found that the number of high net worth individuals, and the amount of wealth they control, continued to increase in 2007, with the greatest wealth being created in the emerging markets of India, China, and Brazil," said Robert J. McCann, president of Global Wealth Management at Merrill Lynch.

In India, the number of millionaires rose by about 23% last year alone.

So where are these millionaires putting there money? According to the report, 44% of their assets are sitting in cash deposits and fixed income.

* Individuals with net assets of at least US$1 million, excluding their primary residence and consumables.

** Individuals with net assets of at least US$30 million, excluding their primary residence and consumables.