Last week, Merrill Lynch and Cap Gemini released a list of the countries with the largest increase in the number of millionaires, and Brazil came in at number three, after China and India. This was due to the booming economy, which in the last year grew 5.4%, while Bovespa, the São Paulo stock market, grew 43%. The total number of millionaires in Brazil, those people possessing financial assets of US$1 million or more, rose from 120,000 to 143,000, an increase of nearly twenty percent.

Experts point to several factors that have brought about the surging economy. Last year, commodities in the areas of agriculture, mining, and industry boomed, while exports increased, especially in raw materials and energy. The service industry has also greatly expanded. In addition, Brazil is the number one ethanol exporter in the world.

The report highlighted the importance of developing countries in the global economy, since overall economic growth worldwide was 5.1% last year, largely due to emerging markets.