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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: Marshall001 who wrote (102176)	5/2/2000 9:55:00 PM
From: puborectalis	Respond to of 108040

Boomtime for millionaires Stock markets jumped 37% last year The boom in share prices druing the past year has led to the creation of an extra one million dollar millionaires worldwide, a survey has found. The world's millionaires saw their fortunes rise in value by 18% last year, according to a survey carried out by Merrill Lynch and Gemini Consulting. There ranks of the super rich are growing as well. More than 55,000 people are now worth more than $30m (œ19m) each. But tumbling share prices might mean that some new millionaires may see their new found wealth disappear in the year 2000. Even so, the survey still expects the wealth of the world's millionaires to grow by 12% every year for the next four years. Global stock market growth was 37% last year, accounting for about half of the new millionaires. Strong economic growth led to the creation of new businesses and markets, particularly in the high technology sector. The US and Europe lead the wealth stakes, with 2.5m dollar millionaires in the US and 2.2m in Europe. Asia has 1.7m dollar millionaires. "Most millionaires have been created in Asia, thanks to stock market growth," Tim Taylor, head of Merrill Lynch's international private client group, said. In Europe, the growth in millionaires has been driven by technology IPOs and entrepreneurial ventures. In Germany, the millionaire quota was buoyed by sales of family businesses. Last year, 168 companies were floated in Germany. "Certainly here in Europe, there are a lot of family businesses, a lot of new technology start ups, have created millionaires," Mr Taylor said. US millionaires often make their money from executive stock and options packages. Old money vs new money Differences exist between the "old" millionaires and the newcomers. The new millionaires have a shorter-term perspective than their old-money counterparts and are more likely to take risks. This willingness to invest their money in high-risk ventures is one of the reasons Merrill Lynch and Gemini Consulting predict that their wealth will continue to grow. But even if they are willing to take risky investments, they are less flashy than their 1980s counterparts. "Unlike the eighties, the profile is relatively low, " Merrill Lynch's Tim Taylor said. Search BBC News Online Advanced search options BBC ONE TV NEWS WORLD NEWS SUMMARY See also: 06 Jan 00 \| Business Schoolboy set for internet fortune 13 Jan 00 \| Business Media millionaires: the secrets of success 05 Apr 00 \| UK Why œ1m is not enough 13 Apr 00 \| Business $1,000bn wiped off US stocks 14 Apr 00 \| Business A crash or a 'correction'? 17 Apr 00 \| Business London tech stock slaughter 11 Mar 00 \| UK Internet tycoons enter rich list 21 Mar 00 \| Business Further fall for Lastminute shares Internet links: Merrill Lynch Gemini Consulting The BBC is not responsible for the content of external internet sites Links to other Business stories are at the foot of the page.