The Millionaire Challenge

Who wants to be a Millionaire? If you do, how are you going to achieve it?

Some 600,000 people gained an entree last year into a highly envied group: the world's millionaires.

The annual World Wealth Report, released by Merrill Lynch & Co. Inc. and the Capgemini Group consulting firm, found that there were 8.3 million people worldwide with $1 million or more in financial assets at the end of 2004, up from 7.7 million a year earlier.

Their total wealth rose 8.2 percent to $30.8 trillion in 2004, giving them control of nearly a quarter of the world's financial assets, according to Petrina Dolby, vice president of Capgemini's wealth management practice.

The study also looked at what it termed "ultra high net worth individuals," who have at least $30 million in financial assets.

Their ranks increased by 6,300 individuals, or 8.9 percent, in 2004 to 77,500 worldwide, the study said.Undoubtedly some of these people were lucky and either won their fortune or inherited it, however the vast majority would have worked and saved hard, but more importantly, they planned to become a millionaire.

The old saying is true, ‘its not what you earn it’s what you save!’

Interestingly the report goes on to say that the wealthy held 34% of their wealth in stocks and shares, 27% in fixed-income investments. Their other holdings in 2004 were 12 percent in cash and other liquid investments, 13 percent in real estate and 14 percent in "alternative" investments such as hedge funds and commodities.

The real estate portion of their holdings was down from 17 percent in 2003, the report said.

Although the global economic expansion has begun slowing, the study still predicts 6.5 percent growth over the next five years - enough to create many more millionaires!

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