The number of millionaires in Mexico grew faster between 2007 and 2012 than the global average and is projected to grow by another 47 percent by 2017, according to a report by WealthInsight.
From 2007 to 2012, the global average of the number of millionaires declined by 0.3 percent. In Mexico, the number grew 32 percent during that time, fueled by healthy manufacturing, fuel and mining industries. Multimillionaires account for 1.75 percent of the millionaire population of Mexico, versus the global average of 0.7 percent.
The report notes that 17.4 percent of multimillionaires in Mexico attribute their primary source of wealth to manufacturing. Most of the country's exports, 70 percent, are driven by manufacturing, followed by 15 percent in fuel and mining.
Pemex, the second largest state oil company in the world, announced it is planning to open up to the private sector, which could be a driver for growth in personal wealth, according to WealthInsight. By 2017, the report says, Mexico could have more than 213,000 millionaires and 3,733 multimillionaires. That compares to 145,000 millionaires in Mexico at the end of 2012.
The collective wealth of millionaires and above equals $736 billion, or 43 percent of Mexico's total individual wealth. That signifies a large gap between rich and poor. According to the report, multimillionaires worldwide hold, on average, 29 percent of a country's wealth.
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