Russia » Economics
Author`s name Ольга Савка

Every hundredth millionaire resides in Russia

88,000 Russian citizens have amassed great fortunes owing to the successful development of the Russian economy 

The considerable improvement of the economic situation in the world resulted in a sudden increase of the number of millionaires in 2004. The annual report prepared by financial experts of the US company Merill Lynch and consulting company Capgemini Group said that the number of people owning million-dollar fortunes increased by 7.3 percent in comparison with 2003 and reached 8.3 million people. This group of wealthy people owns the total of $30.8 trillion – one-fourth of all money in the world.

The class of millionaires increased most in North America owing to low interest rates, tax benefits, weak dollar and high oil prices. The number of US and Canadian millionaires increased to 2.7 million people (they hold $9.3 trillion). The report emphasized that North America left Europe behind on the quantity of wealthy individuals for the first time since 2001, when stocks of Internet and high-tech companies collapsed.

The number of European millionaires reached 2.6 million people last year. Their total capital is estimated at $8.9 trillion. The USA is still the leading state at this point. There were 2 million 498 thousand millionaires in the USA last year among the 295 million-strong population. In other words, every hundredth American from the age of 15 and older owns a million-dollar fortune. World's richest people also reside in the States, including the undisputable leader, Bill Gates. The capital of the 49-year-old owner of Microsoft is evaluated at $46.6 billion. Germany ranks second on the list of richest countries with 760,000 millionaires. Great Britain completes the top three with 418,000 wealthy men.

The number of Russian millionaires increased as well. Four thousand Russian citizens amassed great fortunes owing to the successful development of the Russian economy that was registered during the recent years. Russia can now boast of having 88,000 millionaires.

The report from the above-mentioned companies emphasized that Russia, Brazil, India and China made a certain group of states, in which the growth of the Gross National Product was the largest in the world. Financial experts say that these countries will leave G8 members behind by 2040. The most considerable growth of the GNP was registered in 2004 in China – 9.5 percent. Russia followed with 7.1 percent.

American experts believe that Russia and China are becoming regional economic superpowers owing to large geographic territories, considerable foreign investments and rich natural resources.

The report also says that present days are highly favorable for wealthy people. They have an extensive access to various forms of investments, which eventually make them only richer. The number of people owning more than $30 million increased by 6,300 people in 2004.

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