Record many dollar millionaires in Sweden
The number of dollar millionaires increased in Sweden more than anywhere else in the world last year, reports news agency TT.
Sweden's strong equity market and the crown's strength against the dollar are cited as the main reasons for the growth.
IT consultant company Capgemini's Annual Wealth report suggests that in 2011 and 2012 the number of dollar millionaires increased in Sweden by 14.3 percent to 69 800 people. In the rest of the world. it increased by a slightly more modest 9.2 percent to a total of 12 million individuals, reports TT.
"Why dollar millionaires are growing faster in Swedem depends to some extent on the crown is strong against the dollar, but primarily it is a result of the strong performance of the stock market," says Krister Rydmark, Head of Banking and Insurance at Capgemini Consulting, which together with Royal Bank of Canada is behind the study.
According to the March 2013 issue of Forbes magazine, 14 Swedish nationals are believed to be worth over US$1 billion, with H&M's Stefan Persson topping the list.
The world's millionaires were worth over $ 46.2 trillion in 2012. It represents about 80 times the Swedish gross domestic product, according to Krister Rydmark.
"There has never been such a large overall wealth or as many millionaires. Dollar millionaires put their money where they think they do the most good, often in the corporate world or the real estate sector. In this way, they help to generate wealth in the world," says Rydmark.
In Asia, growth is projected at nearly 10 percent per year to 2015, which means that most millionaires will be in Asia from next year. Today, most of them are in the United States, followed by Japan, Germany, China and Britain.
To qualify as a dollar millionaire, a person needs to have at least the equivalent to a million dollars in investable assets to invest, excluding the value of the primary residence, art and other collectables.