U.S. is Home to the Most Millionaires

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China saw the second largest jump, 30.7 percent, to reach 670,000 millionaire households. Chinese entrepreneurs have been big beneficiaries of strong economic growth, says Tang. New wealth is being created in China's infrastructure, technology, consumer, and retail sectors—priority areas for the government—in addition to such traditional areas as manufacturing, export, and real estate.

On top of these increases, there might be as-yet-undiscovered wealth, particularly among high-net-worth individuals. Steve Crosby, PricewaterhouseCoopers' head of wealth management, says that his recent research revealed more wealth than had been previously identified. PwC estimates that as of April, there were more than 3.6 million people in the U.S. with more than $5 million in investable assets; in China, there were almost 800,000. "This does not mean that wealth suddenly appeared, but it does point out that prior studies may not have captured the depth of wealth—particularly family wealth."

what double-dip recession?

Investors wonder if the wealth that returned in 2009 will linger. As problems persist in the U.S. real estate market, European debt has skyrocketed and unemployment rates in developed economies are high.

Fears of a double-dip recession are "overblown," according to a global forecast published by Morgan Stanley on June 10. "[A] double-dip recession and resulting deflationary pressures that many worry about right now are definitely not at the top of our worry list," the report states. Morgan Stanley says monetary policy has been accommodative worldwide and that problems in Europe will lower medium-to-long-term potential growth, rather than cause a sharp cyclical downturn from one quarter to the next. The firm expects gross domestic product growth—a driver of increasing wealth—to rise 4.8 percent globally in 2010.

If this forecast pans out, where will the wealth sprout in 2010? In the U.S., Philip DiGennaro, an attorney at law firm Withers Bergman in New Haven, Conn., says clients are focusing on investing in newer, smaller, and more unique opportunities in technology, social media, and cleantech.

Belray's Skidmore says that as clients recruit and develop talent for their businesses, they are also investing in equity markets and taking advantage of real estate opportunities. "While there is still a lot of negative news on real estate in the U.S., the market is telling us that valuations are beginning to rebound," he says. "Our clients are more confident in that asset class."

Wealth is generated on a cyclical basis, Skidmore adds, and the longer we have a series of bad returns, the more likely we'll have a period of good returns. "We're due for a few real good years," he says.

Click here to see the countries with the most millionaires.

Wong is a lifestyle and real estate reporter for Bloomberg Businessweek.

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