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

    The Automotive Liberation of Paris

    The city has waged a remarkably successful effort to get cars off its streets and reclaim walkable space. But it didn’t happen overnight.

  2. An aisle in a grocery store
    Equity

    It's Not the Food Deserts: It's the Inequality

    A new study suggests that America’s great nutritional divide goes deeper than the problem of food access within cities.

  3. Transportation

    How Toronto Turned an Airport Rail Failure Into a Commuter Asset

    The Union Pearson Express launched with expensive rides and low ridership. Now, with fares slashed in half and a light rail connection in the works, it’s a legitimate transit alternative for workers.

  4. Environment

    Britain's Next Megaproject: A Coast-to-Coast Forest

    The plan is for 50 million new trees to repopulate one of the least wooded parts of the country—and offer a natural escape from several cities in the north.

  5. Equity

    Even the Dead Could Not Stay

    An illustrated history of urban renewal in Roanoke, Virginia.