Almost 70,000 Danes are millionaires in US dollars

Almost 70,000 Danes are millionaires in US dollars

Some 69,000 Danes can proudly call themselves millionaires when measured in US dollars, reveals RBC’s annual World Wealth Report.

And according to its findings, the Danish dollar-millionaire club is growing significantly faster than in most European countries. In 2011, there were only 45,6000 Danes that fell into this category – a figure that has since risen by 51 percent.

“The number of dollar millionaires is rapidly rising,” Jacob Graven, chief economist at Sydbank, told Ekstra Bladet.

“The rise has a lot to do with developments in the financial markets – especially equity markets,” he continued.

In addition to this, statistics reveal that the European average for the rise of dollar millionaires sits at around four percent – 23 percent below the Danish growth.

Danish shares in good health

According to Graven, the rise is down to Denmark’s positive exchange rate and shares experiencing a tailwind on the markets.

“By all accounts, the rise is due to the Danish stock prices increasing more than the shares of most other countries in Europe,” he said.

“Of course, wealthy Danes do not only invest in Danish shares, but there is certainly an overrepresentation of Danish shares among the wealthy.”

What are dollar millionaires?

– Dollar millionaires refers to individuals whose net wealth exceeds one million US dollars

– The net wealth does not include equity in private residence, collectibles or consumer durables

– However, it does include cash, savings, securities, pension funds and the value of property (minus debt)

Source: CPH Post


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