With the rising costs of property and other assets, the term millionaire have become "redundant," according to researchers New World Wealth (NWW).
In a new study study NWW has focused on the world population of ‘multi-millionaires’ with net assets of $10 million or more, which was 495,000 of 13 million millionaires.
During the past 10 years worldwide millionaire and multi-millionaire numbers have grown at different rates. Millionaire numbers worldwide have grown by 58 percent during this period, whilst multi-millionaire numbers have gone up by 71 percent.
The higher growth of multi-millionaires can be put down to a number of factors including: a widening wealth gap at the top-end, a rising rate of conversion of millionaires into multi-millionaires and strong growth in countries that have a high multi-millionaire to millionaire ratio like of Russia and India.
NWW researchers looked at the geographic spread of multi millionaires and their growth.
In terms of regional performance, South America was the stand out, with multi-millionaire growth of 265 percent over the 10 year period NWW found. Other top performers included Australasia (182 percent growth) and Africa (142 percent growth).
In terms of country performance, major countries that registered 200 percent plus growth included: Russia, Brazil, China, India, Indonesia, Vietnam and Angola.
Australia was the top performing developed market with growth of just over 190 percent.