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Brazil has largest number of millionaires in Latin America

US bank Merrill Lynch released a study on Tuesday that places Brazil top in Latin America for the largest number of millionaires.

According to the study, the world currently has 10,000,000 millionaires, and the number has increased by 6% since 2006. Brazil had an increase of 19% in its wealthiest class. Throughout the world, large fortunes (considered to be more than $30 million) increased by 8.8% from last year. In that exclusive group, there are some 103,300 individuals, the study said. The main reason for Brazil’s leap is related to the increase of prices of commodities and raw materials.

Additionally, the development of Brazil’s financial market has spurred the growth of millionaires living in the country, it added. Latin American also has had the highest increase of millionaires worldwide since 2007. The region in itself grew to be the third most populated region of millionaires, the study showed. (Xinhua)