More Millionaires
The ranks of the richest Americans expanded last year at an increased pace, driven by a strong economy, but that growth is expected to moderate in coming years, according to a new study.
The 11th annual World Wealth Report, compiled by Merrill Lynch & Co. and Capgemini Group, shows that in 2006, the U.S. population of high-net-worth individuals -- those with at least $1 million in investible assets, excluding their primary residences -- rose 9.4% to 2.92 million. In 2005, the same population increased 6.8% to 2.67 million.
Robert McCann, president of Merrill Lynch Global Private Client Group, attributed the increased pace of wealth generation to gains in economic output and continued growth in the world's stock markets, two primary drivers of wealth creation.
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