Wednesday, June 27, 2007

It Will Trickle Down Any Day Now

The number of millionaires in the world grew to 9.5 million in 2006, an increase of 8.3 percent. According to a new report from Merrill Lynch, the combined assets of the HNWIs -- high net worth individuals -- rose to $37.2 trillion, up 11.4 percent, the first double digit jump in wealth in seven years. The elite group of bucks up people, the ultra high net worth individuals, rose last year to 94,970, up 11.3 percent. By definition, to qualify has a HNWI you need to have assets of at least $1 million, not including your primary residence. A UHNWI needs to have assets of more than $30 million.

Minimum wage finally went up for the first time in years too. Everybody is flush these days.