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It's raining millionaires in India
June 26, 2008
Millionaires' wealth to rise
The United States had one of the world's lowest savings rates in 2007, at 10.9 per cent of GDP, down from 11.4 per cent in 2006. This was due to slowed GDP growth and increases in consumer and public spending.
Indications of a slowing economy led to several sharp rate cuts during 2007 and 2008, which led to a further fall in savings. In 2007, the savings rates of most emerging economies surpassed the benchmark average of the Group of Seven (G7) nations: 20.2 per cent of GDP - a trend representative of the differences between emerging and mature economies.
The Capgemini world wealth report has projected that global HNWI wealth will grow to US$59.1 trillion by 2012, advancing at a rate of 7.7 per cent per year.
Image: San Jose, California as the richest city in the United States with a population of 500,000. The median household income in San Jose is $74,000. San Francisco, California and San Diego, California were second and third followed by Seattle, Washington and Las Vegas, Nevada. | Photograph: Justin Sullivan/Getty Images
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