Number of "dollar millionaires" exceeds 13,000 in Czech Republic

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According to the latest "World Wealth Report", the number of millionaires around the world last year reached 8.7 million, some 6.5 percent more than in 2004. In the Czech Republic the rise was actually steeper. The number of "dollar millionaires" in this country rose by more than 10 percent compared to 2004 and currently there are over 13,000 Czechs with liquid assets exceeding 1 million dollars.

Patrik Horny
The 10th annual World Wealth Report by investment group Merrill Lynch and consultancy Capgemini released on Tuesday said the number of Czechs with assets of one million US dollars - excluding their primary residence - grew at a higher rate than the number of their counterparts in Europe where the number of millionaires increased by 4.5 percent. Patrik Horny is the head of the local branch of Capgemini.

"In the Czech Republic we estimate there are around 13,100 individuals with over one million dollars in liquid assets. That represents a growth of 10.6 percent compared to 2004."

While five years ago more than 40 million Czech crowns would have been needed to qualify, right now 23 million will do. Patrik Horny explains who is actually eligible to be included in the study.

"Our study concerns people who have either permanent residence in the Czech Republic or have a bank account in the country as specified by international standards."

That means, for example, that two Czech famous billionaires, the notorious "pirate of Prague", Viktor Kozeny, and the fugitive businessman Radovan Krejcir were not included in the study: they no longer live in the Czech Republic and have transferred their assets to other countries.

As far as the growth rate is concerned, the Czechs fared even better than the United States or Canada. But North America still remains home to the largest number of millionaires, with 2.67 million of them in the United States. Overall, the global growth in the number of millionaires over the past year was fuelled by a sharp increase in emerging markets such as South Korea, India, and Russia.