The Rich Are Growing Far Richer

A study conducted in 2007 by Merrill Lynch and consulting firm Capgemini Group found that the rich are getting richer worldwide, The Hamilton Spectator reports. Last year, people worth more than $1 million increased 6% to around 10.1 million.

Developing countries saw the greatest boost, such as China, which increased 20.3%, and India, which increased 22.7%.

The report further found that the super rich, who each posses at least $30 million, have increased 8.8%, and their wealth largely grew 14.5%.

The membership to the millionaire club in Canada increased 10.4% in 2006 to 274 members, with three wealthy Canadians in the Hamilton area: mutual fund king Michel Lee-Chin, doughnut mogul Ron Joyce, and philanthropist Michael DeGroute.