Shutterstock

Last year, the ranks of the super-rich shrunk around the world.

In the U.S., it might feel like a Golden Age for millionaires, with taxes low and stock prices rising. But in the last year, the ranks of the super-rich have shrunk around world, according to the annual Credit Suisse Global Wealth Report. The U.S. minted nearly one million new millionaires in the last year, but Europe shed "almost 1.8 million U.S. dollar millionaires" in 2011, with half of those losses coming from Italy, France, and Germany.

Today, the United States and Japan are home to about 7 percent of the world's population, but more than 50 percent of the world's millionaires.

The second striking fact from the report? Of the $12.3 trillion of global wealth that disappeared in 2011, Europe accounted for $10.9 trillion, or 89 percent, of the loss.

Photo credit: Rechitan Sorin/Shutterstock

This post originally appeared on The Atlantic.

About the Author

Most Popular

  1. A photo of a visitor posing for a photo with Elvis in downtown Nashville
    Perspective

    Cities: Don’t Fall in the Branding Trap

    From Instagram stunts to Edison bulbs, why do so many cities’ marketing plans try to convince people that they’re exactly like somewhere else?

  2. Amazon HQ2

    Without Amazon HQ2, What Happens to Housing in Queens?

    The arrival of the tech company’s new headquarters was set to shake up the borough’s real estate market, driving up rents and spurring displacement. Now what?

  3. Transportation

    You Can’t Design Bike-Friendly Cities Without Considering Race and Class

    Bike equity is a powerful tool for reducing inequality. Too often, cycling infrastructure is tailored only to wealthy white cyclists.

  4. Equity

    The FBI's Forgotten War on Black-Owned Bookstores

    At the height of the Black Power movement, the Bureau focused on the unlikeliest of public enemies: black independent booksellers.

  5. A photo of a new car dealership
    Transportation

    Subprime Auto Loans Are Turning Car Ownership Into a Trap

    A record 7 million Americans are three months late on their car payments, revealing what could be cracks in the U.S. economy.