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Latino Daily News

Wednesday November 30, 2011

Brazil Creating 19 Millionaires Every Day

Brazil Creating 19 Millionaires Every Day

Photo: Brazil Creating 19 'Millionaires' Every Day Since 2007

Click Here to Enlarge Photo

According to information from bankers in Brazil, each day, thanks to Brazil’s growing economy, the country creates more than a dozen millionaires every day.

The information from the bankers revealed that 19 millionaires have been created every day since 2007. However, these are people considered millionaires according to Brazilian currency. If converted to U.S. currency, that would make someone worth one million Brazilian Reais, is worth roughly $540,000 in U.S. terms.

At the Private Banking Latin America Conference 2011, Guihermo Morales of the Portuguese lender Millennium, said Brazil has many emerging companies are “growing very fast”, with larger companies often buying smaller ones as they plan to expand in Brazil or even internationally.

The rise in Brazilian millionaires was also attributed the increase in bankers’ salaries, as bankers and high executives make up a large number of the group after receiving large bonuses, often making their salaries higher than those of the average banker in the U.S.

Also contributing to the number of millionaires is simply the overall increase in Brazilian consumption, boosting the fortunes of retailers, banks, and various other consumer-driven industries.

Currently, Brazil has 137,000 millionaires with about 30 billionaires, and about 70 percent of the Brazilians’ wealth is concentrated in Rio de Janeiro and Sao Paulo.