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September 7, 2008 7:11:10 PM CDT

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Axis of Wealth Shifting East

Posted Jun 25, 08 2:43 AM CDT in Business,  World 

(Newser) – Nations once known for extremes of poverty—China, India and Brazil—are now producing more of the world's millionaires and super rich than ever before, according to a new study of the globe's wealthiest entrepreneurs. The US is losing ground to emerging markets when it comes to producing personal wealth, reports the Wall Street Journal.

The number of millionaires in Brazil, Russia, India and China jumped 19% in 2007, compared with an increase of just 3.7% in the US, the slowest since 2002, according to the World Wealth Report. America's share of millionaire wealth fell to 29% in 2007 and is expected to fall further in the next five years,

Source Wall Street Journal

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Warren Buffet, the world's richest man. The US production of millionaires is declining in relation to emerging markets of India, China, Brazil and Russia.   (AP Photo/Gerald Herbert, file)
Wealthy Arab buyers check out a Gulfstream private jet. The bulk of Gulfstream's customers now come from outside the US.   (AP Photo/Kamran Jebreili)
Yacht brokers expect half their business to come from emerging markets in the next five years as China, India, Brazil and Russia produce more of the word's millionaires.   (Getty Images)
H23 BB00934850 * ...my $100 'star note'   ((c) TheAlieness GiselaGiardino²³)
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China  • Russia  • India  • Brazil  • poverty  • emerging markets  • millionaires


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