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Global private financial wealth grew by 1.9 per cent in 2011 to a total of $122.8 trillion. The increase was considerably weaker than in either 2009 or 2010, according to the Boston Consulting Group.
The modest growth in private wealth is being driven by rapidly developing economies in the "new world," not by the "old world" of traditional, mature ones, it says.
Let's take a look at countries that have most millionaires in the world.
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The United States
Number of millionaire households (2010): 5,263
Number of millionaire households (2011): 5,134
Global rank: 1
Private wealth in North America fell by 0.9 per cent in 2011 to $38 trillion. The ultra-high-net worth household segment was hit particularly hard, losing 2.4 per cent of its wealth.
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Japan
Number of millionaire households (2010): 1,640
Number of millionaire households (2011): 1,587
Global rank: 2
Private wealth in Japan fell by 2.0 per cent in 2011 to $17.8 trillion. The value of weallth held in equities fell by 7.6 per cent, while amounts held in bonds as well as in cash remained virtually flat.
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China
Number of millionaire households (2010): 1,239
Number of millionaire households (2011): 1,432
Global rank: 3
Private wealth in Asia-Pacific (excluding Japan) increased by 0.7 per cent in 2011 to $23.7 trillion, enabling the region to widen its gap with Japan as the third-wealthiest area globally.
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The United Kingdom
Number of millionaire households (2010): 411
Number of millionaire households (2011): 411
Global rank: 4
Although Western Europe did not suffer as much as North America, the euro debt crisis took its toll, and private wealth fell by 0.4 per cent to $33.5 trillion. The region remained second-wealthiest worldwide.
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Germany
Number of millionaire households (2010): 320
Number of millionaire households (2011): 345
Global rank: 5
The amount of Western European wealth invested in equities fell by a steep 7.1 per cent - owing to weak performance in Western European markets and continued asset reallocation.
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Switzerland
Number of millionaire households (2010): 317
Number of millionaire households (2011): 322
Global rank: 6
Equities lost a 2.1 percentage point share and constituted 28.5 per cent of Western European private financial wealth at the end of 2011.
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Italy
Number of millionaire households (2010): 274
Number of millionaire households (2011): 270
Global rank: 7
Extreme levels of both government and private debt, as well as the threat of bankruptcy faced by several European Union countries, led to double-digit stock-markets declines in some of the region's largest economies.
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Taiwan
Number of millionaire households (2010): 247
Number of millionaire households (2011): 246
Global rank: 8
The strongest growth in Asia-Pacific was in the higher wealth bands, with the share of the total wealth held by households with more than $1 million in wealth increasing to 48 per cent.
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Hong Kong
Number of millionaire households (2010): 209
Number of millionaire households (2011): 212
Global rank: 9
The amount of wealth in Asia-Pacific held in equities grew by 4.1 per cent, a far weaker performance than the average annual growth of 17.7 per cent witnessed over the past five years.
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France
Number of millionaire households (2010): 199
Number of millionaire households (2011): 200
Global rank: 10
Owing mainly to repatriations, offshore wealth declined by 2.2 per cent, reducing its share of total Western European private wealth to 7.6 per cent.
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Singapore
Number of millionaire households (2010): 165
Number of millionaire households (2011): 188
Global rank: 11
Despite relatively poor stock-market performance in many large Asia-Pacific countries, notably India and China, strong GDP growth driven primarlily by high levels of government and private consumption led to new wealth generation.
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Canada
Number of millionaire households (2010): 175
Number of millionaire households (2011): 185
Global rank: 12
North American wealth is expected to project to post a CAGR of 1.8 per cent over the next five years to reach $41.5 trillion by the end of 2016.
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India
Number of millionaire households (2010): 134
Number of millionaire households (2011): 162
Global rank: 13
The number of millionaire households in India jumped nearly 21 per cent to 162,000 in 2011 from 134,000 in 2010, according to global wealth report.
Ultra-high-net-worth households, those having more than $100 million (Rs 560 crore) in private financial wealth, in India increased 15.35 per cent to 278 in 2011 from 241 in 2010.
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The Netherlands
Number of millionaire households (2010): 157
Number of millionaire households (2011): 152
Global rank: 14
Despite ongoing client needs and interests, offshore wealth as an industry remains under intense and increasing pressure owing to greater regulatory scrutiny - particularly from tax authorities in the US and Western Europe.
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Spain
Number of millionaire households (2010): 147
Number of millionaire households (2011): 139
Global rank: 15
Regulatory tightening will mean that the amount of assets flowing to all offshore centres from investors in markets where tax regimes are becoming ever stricter will decline.
At the same time, client assets flowing offshore from the new world, especially countries with underdeveloped private-banking industries, will continue to grow.