US is minting almost all of the world’s millionaires

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America may have a dysfunctional political system, but it continues to lead the world in significant wealth creation.

A new report from Credit Suisse shows that 1.7 million of the 1.8 million millionaires added to the ranks in the past year were created in the U.S., which now boasts 13.2 million millionaires. Rising stock markets, the housing rebound and a broader increase in asset values have fueled the surge.

Surprisingly, France came in No. 2 in millionaire creation worldwide, with 287,000. That was followed by Germany (221,000,) Italy (127,000) and the United Kingdom (117,000). China generated just 90,000 millionaires in the past 12 months.

Japan was the biggest loser, with more than 1 million erased. For the first time in at least 30 years, Japan’s share of the global millionaire pie has fallen to below 10 percent. Brazil lost 12,000 and Argentina 5,000.

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