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 man charges an electric bus in Santiago, Chile.
    Transportation

    The Verdict's Still Out on Battery-Electric Buses

    As cities experiment with battery-powered electric buses, some are finding they struggle in inclement weather or on hills, or that they don’t have enough range.

  2. A photo of a DART light rail train in Dallas, Texas.
    Transportation

    What Cities Are Getting Wrong About Public Transportation

    Cities could get more people walking, biking, and riding transit, according to a new report, if they just know where to look for improvement.

  3. Government workers and their supporters hold signs during a protest in Boston.
    Equity

    The Shutdown Is Screwing With Cities and Mayors Are Not Pleased

    Local officials are bracing for a confluence of funding crises barrelling toward transit, housing, food assistance, and … well, everything else.

  4. A photo of President Donald Trump showing off U.S.-Mexico border wall prototypes in March 2018.
    Perspective

    This Isn't a Border Wall: It's a Monument to White Supremacy

    Like Confederate monuments, President Trump’s vision of a massive wall along the Mexican border is about propaganda and racial oppression, not national security.

  5. Inscriptions on a Confederate monument in Linn Park in Birmingham, Alabama.
    Equity

    Alabama Can’t Make Birmingham Display Confederate Monument

    The legal decision was monumental both for its dismantling of a pro-Confederate law and the implications for cities’ rights in the face of states’ rights.