Axis of Wealth Shifting East

India, China claim biggest surge in new millionaires
By Peter Fearon,  Newser Staff
Posted Jun 25, 2008 2:43 AM CDT
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)
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(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,