World now has 10 million millionaires, report says

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The 600,000 new millionaires was unsurprising to Brian Bethune, an economist with Global Insight, who said inflation and the expansion of the world economy accounts for the growth.

Besides, $1 million isn't what it used to be. One million dollars in 1996, the first year the report was issued, would have been worth about $1.3 million last year, Van Der Linde said.

Steady growth powered economies worldwide in the first half of 2007, but more mature markets were hammered in the second half by the U.S. housing and credit crises. Emerging economies were largely unaffected, the report found.

The downturn started catching up with emerging economies in the beginning of 2008, Van Der Linde said.

Already, the report found, the millionaires club wasn't expanding as fast as before. From 2005 to 2006, the group swelled by more than 8 percent. The club has grown every year since the report was started.

Because of the economic slowdown, the wealthy tended to shift their money to safer investments such as bonds and money-market savings accounts, and away from less stable investments such as real estate, the report found.

Cash deposits and fixed-income securities accounted for 44 percent of the assets of the world's millionaires, up from 35 percent in 2006.

The wealth of the world's richest is projected to reach almost $60 trillion by 2012, the report said.

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