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.