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Sweden home to more than 48,000 millionaires

TT/The Local · 22 Jun 2010, 17:18

Published: 22 Jun 2010 17:18 GMT+02:00

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In addition, the number of millionaires in US dollars, which the report described as "high net worth individuals (HNWI)" increased 21.5 percent in Sweden last year, compared with 12.5 percent in Europe and 17.1 percent for global growth.

"The Swedes have a relatively high proportion of equities in their portfolios and growth on the Stockholm Stock Exchange was stronger than on the stock exchanges in many other countries," said Robin Segerfeldt, head of asset management at Capgemini.

"In Europe, it is more common with a higher proportion of fixed-income securities and a lower proportion of equities."

In 2009, the number of dollar millionaires increased around the world to 10 million people. Accordingly, the record-setting decline in 2008 has nearly recovered.

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The majority of dollar millionaires continue to come from the US, with 3.1 million people. The US, Japan and Germany are home to 53.5 percent of the millionaires, a slight decrease from the 2008 share of 54 percent.

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Your comments about this article

02:13 June 23, 2010 by Da Goat
This is a little misleading

how many of those millionaires have that much in real estate but struggle to have money in their pocket to buy food (get my drift)

I don't live in sweden (my family does) and have multimillion property but still have to go to work as normal to live and to maintain this same property
06:47 June 23, 2010 by Great Scott
I also think this is a little plain stupid, what is a millionaire these days. A millionaire used to be a Pound millionaire, and then you were really worth something. Today you can be a Kronor or Dollar millionaire, both not worth a lot at today's values. I think if the number of Pound millionaires were recounted the figure would be a lot lower, but even real millionaires are increasing today because of inflation etc.

Today we should be counting Pound Billionaires, then you will see the number drop to about the real figure it was many many years ago.
11:09 June 23, 2010 by Tiddler
To the two numbskulls above.

The article clearly states in the first paragraph, yes, the first paragraph, that the measure of wealth is calculated in $ and it excludes homes.

Observe, listen, read and think before putting one's thoughts in words for all to see or hear, better to be thought an idiot than confirming it.
13:40 June 23, 2010 by USA Is Number 1
Sure has been a growth in the number of millionaires (in USD terms), but many of the richest Swedes in business left or leave Sweden to make their money and protect it from Swedish tax collection. That such Swedes return in later years with tax-sheltered earnings shouldn't be a big surprise; nor should it be a surprise that their numbers contribute to the strong showing in the growth in number of Swedish USD millionaires.
17:13 June 23, 2010 by Kaethar
Given your username I'm sure you're not biased but I'm going to need a source for this statement. Or is it simply pure speculation? ;) Some Swedish businessmen - like Ingvar Kamprad (founder of IKEA) - left Sweden whilst some - like Erling, Stefan and Karl-Johan Persson (H&M family) - stayed in Sweden. ;)
18:52 June 23, 2010 by kenny8076
USA i think is pretty accurate i was reading in an article a few weeks ago that Sweden has a tough time keeping successful people in sweden, and entrepreneurs financially struggle longer to get started here. my girlfriends brother works in the economic industry and he showed me a website on a Swedish government site that you can type your salary in and it will show you after taxes what it will be and exactly where your taxes are currently being placed. I couldn't believe it, i was typing in random bi-weekly earnings, and making 62,000SEK every 2 weeks they are taking 48% in taxes. when you get into the big salaries like a USD millionaire salary they were taking up to 51% in taxes. I asked him why anyone would stay here simply on principle. Why do rich people get penalized for being successful and making sound choices in their lives, thats like telling Michael Jordan he has to play with 1 hand, he's too good. Or giving Gretzky a right handed stick to bring his elevation down a little. Though i did see a mid 30's guy driving a Lamborghini in Karlstad the other day but couldnt stop thinking what he's paying in taxes!
15:03 June 24, 2010 by USA Is Number 1
..... that is if he or his family didn't already avoid paying Swedish taxes by having their profits/liquidity event generated while he (or a family member) was not resident in Sweden so as to keep the money from being taxed as high as it is in Sweden; or if he or his family didn't figure out other ways to avoid reporting income to the Swedish tax authorities.

There is a lot of money in Sweden that doesn't get taxed because the relatively wealthy get creative or just brake Swedish tax rules. Take for example all those owners and official renters of property in Sweden that under-declare payments (and the related profits) from renters (who pay cash under the table to make up the difference between the market rate and the "official rate") and unofficial sub-leasers.


Yes, I am a fan of my own country first and foremost (as most of us are) but my understanding of the situation in Sweden is not a product of wanting to put down Sweden or make Sweden in America's image. My comment about the situation is a result of paying attention to: tax planning strategies as put forward by Swedish lawyers dealing with wealthy and/or high-income Swedes; private bankers working for such Swedes; and to Swedish business people seeking liquidity events or anticipating substantial pay-outs.
13:38 July 2, 2010 by The Baldchemist
Don't believe that it will last too much longer though. An economic system requiring a minimum compound growth of 3& per annum, extreme consumption, debt to consume, interest on the debt to be paid to the privately owned, "Riksbanken", The European Central Bank and The Federal Reserve in the US, there can never be any form of democracy or continuation of wealth.

But take a long hard look at what your money buys these days .How long you purchase lasts before its "outdated" and needs replacement.

Heavy planned consumption has a terrible price.

Take a good look at where your tax goes to. Not only to politicians, bankers, investment brokers, some to the church and to the public service ( all of which produce NOTHING of value indeed the public service we pay to chase us for money! The others make money from money- our money 'cause its never their own is it?
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