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. Transportation

    If You Drive Less Than 10,000 Miles a Year, You Probably Shouldn't Own a Car

    Up to one-quarter of all U.S. drivers might be better off using ride-sharing services instead.

  2. Construction workers build affordable housing units.
    Equity

    Why Is 'Affordable' Housing So Expensive to Build?

    As costs keep rising, it’s becoming harder and harder for governments to subsidize projects like they’ve done in the past.

  3. Transportation

    How Seattle Bucked a National Trend and Got More People to Ride the Bus

    Three experts in three very different positions weigh in on their city’s ridership success.

  4. Equity

    The Side Pittsburgh Doesn't Want You to See

    Pittsburgh filmmaker Chris Ivey has spent over twelve years documenting the lives of the people displaced so that the city can achieve its “cool” status.  

  5. Mass Transit

    Could These Crazy Intersections Make Us Safer?

    Dispatches from the imagination of transportation engineers.