Tagged: Economy

Breaking news at 8:34 a.m. ET: "Unemployment Rate 8.2 Percent In May As Just 69,000 Jobs Added

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DAVID GREENE, HOST:

OK, let's turn now to personal wealth. Today's last word in business is disappearing millions.

The number of millionaire households in this country declined in 2011. That's according to this year's Global Wealth Study from the Boston Consulting Group. It found the number of American households with a million dollars of investable assets shrunk by 2.5 percent.

The U.S. still leads the world in millionaires, but developing countries are gaining ground. Other countries added nearly 200,000 millionaire households in 2011.

Spain's borrowing costs hit record highs this week and European stock markets have slumped over fears Madrid can't afford the price tag required to prop up its ailing banks. It's looking ever more likely the country will need some kind of bailout.

After watching Greece from afar for years, many Spaniards now believe Spain's number is up.

A tourist in Madrid might wonder where the crisis is. Traffic is heavy and the tapas bars are packed.

But listen in on some of the conversations, and it's clear that Spaniards are scared.