Arizona to lead in growth of millionaires

Arizona to lead in growth of millionaires
Phoenix Business Journal - by Adam Kress
Date: Thursday, May 5, 2011, 1:16pm MST
  
          
Adam Kress
New Media Editor
Email: akress@bizjournals.com

Arizona's a good place to be if you're hoping to become a millionaire in the next few years.

A new report released Thursday by the Deloitte Center for Financial Services shows Arizona is expected to experience the fastest growth rate of millionaire households in the Pacific Southwest region by 2020.

Millionaire households may grow at an annualized rate of 9 percent here, according to Deloitte. The number of wealthy households in Arizona is projected to reach 434,000 in 2020 -- more than double the 2010 estimate of 166,000.

All of this assumes a healthy economic rebound, both across the nation and locally. The real estate market around Phoenix will have to improve dramatically for that to happen.

The Deloitte report suggests the total wealth among millionaire households could more than double over the next decade in 25 major world economies, including the U.S.

The total wealth of millionaire households in the U.S. could reach $87 trillion in 2020, up from $39 trillion in 2011. The number of millionaire households in the U.S. is projected to increase from an estimated 10.5 million in 2011 to 20.6 million in 2020.

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