NewsMine — economy — united-states — 2003 — 2003-may-june — Viewing Item

Stock losses 100 000 fewer millionaires { June 11 2003 } Original Source Link: (May no longer be active)    http://money.cnn.com/2003/06/11/pf/millionaire/millionaires/index.htm?cnn=yes http://money.cnn.com/2003/06/11/pf/millionaire/millionaires/index.htm?cnn=yes Stock losses cull millionaire ranks Survey says U.S., Canada have 100,000 fewer millionaires in 2002 despite increase in global wealth. June 11, 2003: 5:09 PM EDT NEW YORK (CNNfn) - Stock losses contributed heavily to a decline in the number of North American millionaires last year, even as the world's richest people are getting richer, according to a new report. The survey, by Cap Gemini Ernst & Young and Merrill Lynch, found that the United States and Canada had 100,000 fewer millionaires in 2002 than 2001. The report defines millionaires as people with financial assets worth at least $1 million, excluding real estate. There are still 2 million people in the category, but their worth declined over the last year to $7.4 trillion -- a $200 billion drop, or 2.1 percent. The report attributes the bulk of the loss to stock market declines. Overall, global wealth grew by 3.6 percent to $27.2 trillion, the study found. Nearly 200,000 more people made the cut in 2002, bringing the total number of millionaires to 7.3 million worldwide. Asia had the most significant growth, with almost 5 percent more individuals in that category. Latin America was the only other region to see a decline in the ranks of the rich. But Latin America's rich saw a slight growth in the value of their assets; only in North America did total wealth fall. -- from CNNfn intern Kelly Marshall

318b congress tax cut { May 22 2003 } California borrow record 11b { May 2 2003 } California near financial disaster { June 30 2003 } Consumer spending dips { May 15 2003 } Deflation like great depression { June 20 2003 } Delfation fears grow { May 16 2003 } Delfation fears Dollar falls lower to euro { May 2 2003 } Dollar stable but sick { May 12 2003 } Dow surges 9000 Ehrlich withholds maryland funding { June 26 2003 } Fed cuts to halt deflation { June 24 2003 } Fed rate cut one percent { June 25 2003 } Fed rate unchanged { May 6 2003 } Fed ready 45 year low rate cut Fed refuses to print money Greenspan hits back at buffett warnings Insiders stock selloff { June 8 2003 } Job market worst since 1990 { June 17 2003 } New hyper bull market by small investors { June 22 2003 } Prices decline deflation fears Rate cut steepen dollar slide { May 21 2003 } Sars might ease deflation { May 9 2003 } States horrid budget struggle { June 26 2003 } Stock losses 100 000 fewer millionaires { June 11 2003 } Stocks drop terror madcow fears { May 20 2003 } Stocks fall dow below 9000 { June 10 2003 } Stocks rise cisco sun { May 12 2003 } Tech jobs moving over seas { May 19 2003 } Us cut 6000 airport screeners Files Listed: 30

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