Millionaire’s Club Slims Down, Here’s How to Apply

The recession has taken its toll on all of planet Earth, even the millionaires.

According to FOXBusiness.com, the recession has caused global wealth to drop 11.7% to $92.4 trillion.

Before you pull out the world’s smallest violin, however, take heart: America has 3.9 million millionaires at the moment, still more than any other country. (There are 9 million millionaires worldwide.)

If you aren’t yet a millionaire and want to join their slimmed ranks, here's some idea of how long it should take:

• With a starting balance of $10,000 and monthly deposit of $1,000, you would join the millionaire's club in 48 years, 4 months.
• With a starting balance of $20,000 and monthly deposit of $3,000, you would be able to relax (a little) in 21 years, 7 months.
• With a starting balance of $30,000 and monthly deposit of $5,000, you would have $1,000,000 cash in 13 years, 11 months.
• And finally, with $80,000 already in the bank and a monthly deposit of $10,000, you'd be there in just 7 years, 1 month.

This chart is based on information provided by the BankingMyWay savings calculator, which assumes a 2% rate of return and 3.1% inflation rate.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.