8.7 Million Millionaires Around the World - and counting

The new global economy created more millionaires around the globe, according to the “10th annual World Wealth Report” released by Merrill Lynch.

12,000 Australians enjoyed the taste of becoming new millionaires in 2005, joining their 146,000 co-nationals, and representing a total wealth of $463 billion. That's more than the national GNPs of a lot of countries and represents almost a 50% increase in the number of millionaire Australians within the last 5 years. Good going, mates!

South Korea topped the list with 21.3% increase in the number of millionaires. The increase in Russia and South Africa was not too shabby either – 17.4% and 15.9%, respectively.

In India, the picture was similar. The number of Indian millionaires grew by 19.3% over the last year. India is expected to become the third largest economy of the world in year 2050, following the US and China.

And China, generally known as a poor country, produced 6.8% more millionaires in 2005.

The United States was not among the top fat-cat-generators, registering "only" 6.8% more millionaires compared to 9.9% in 2004

Canada now officially has 230,000 millionaires, shooting up by 7.3% in 2005.

There are a total of 8.7 million millionaires around the world, representing a total wealth of $33.3 trillion -- and I hope no one will ask me how many zeroes after “1” that corresponds to.

-----------------------------------------------------------------------------------------

Ugur Akinci, Ph.D. is a Creative Copywriter, Editor, an experienced and award-winning Technical Communicator specializing in fundraising packages, direct sales copy, web content, press releases, movie reviews and hi-tech documentation. He has worked as a Technical Writer for Fortune 100 companies for the last 7 years. In addition to being an Ezine Articles Expert Author, he is also a Senior Member of the Society for Technical Communication (STC), and a Member of American Writers and Artists Institute (AWAI). You can reach him at writer111@gmail.com for a FREE consultation on all your copywriting needs. You are most welcomed to visit his official web site http://www.writer111.com for more information on his multidisciplinary background, writing career, and client testimonials. While at it, you might also want to check the latest book he has edited, PRIVATE TUTOR FOR SAT MATH SUCCESS 2006: http://www.lulu.com/content/263630 Article Source: http://EzineArticles.com/?expert=Ugur_Akinci

5 Tips For Choosing Your Student Bank Account

As a student, you may be about to get your first bank account and the temptation to go for the bank offering the biggest free gifts or perks is huge. However, choosing your student bank account is an important step and you should not be thinking about whether to choose between a student railcard or free cinema tickets, tempting as those offers might be.

This is War!

Banks are fighting for your business because they know that today's students are likely to be tomorrow's high earners. Since most people stay with their bank for a lifetime, they want to secure your business before you even start your career. Therefore, they will be trying to outdo each other with great offers from free overdrafts to low interest rates to book tokens.

Tip #1 Don't base your decision on the student orientated gifts, however much you want them.

Purpose of Your Student Account

The purpose of your student account is to enable you to avoid unnecessary expenditure and manage your finances successfully while you are at college. This means that low interest rates and free overdrafts are important.

Tip #2 Consider the best money-saving deal

Borrowed money still has to be paid back

While an interest free overdraft is extremely useful, it's still an overdraft and it still has to be repaid. So use your overdraft and other financial incentives wisely.

Tip #3 Remember that you will have to use your overdraft sensibly

Make Sure You Understand the Terms

It's easy to forget that as soon as you graduate or go over the limit of your free overdraft, you'll be charged interest and these rates could land you in big trouble, increasing your student debt significantly.

Tip #4 Read the fine print

Look at the Bigger Picture

It's important to look beyond your college days, even though that seems a long way in the future. You need to consider the long term implications of setting up an account with a particular bank. What will happen when you graduate? Does the bank have a graduate account with special deals or will you suddenly find yourself with high interest rates? Is there a period of grace to allow you to find a new job? What will happen if you are unable to find a job right away? Of course, policies and rates change, but you can still get a reasonable idea by looking at today's situation for graduates. So be sure to make a list of questions and ask them all to each bank representative before making your decision.

Tip # 5 think about the long-term benefits of the accounts available

Save yourself some money! Get our free tips on budgeting for students http://www.coolercareers.com/budgeting-for-students.html Article Source: http://EzineArticles.com/?expert=Waller_Jamison

How To Choose The Best Bank Account

Managing money is a great concern for many people. Using a bank account is a great way to keep track of spending and manage finances. A bank account is safe, inexpensive, and easy to use. Choosing a bank account is like choosing other products. Costs and features of bank accounts vary greatly and it is good to take a look at different options before going for a particular bank account.

A few things should be kept in mind before opening a bank account. Is the money deposited in a bank fully protected? Is the bank a federally insured institution? There are many types of bank accounts like savings, checking, and money market accounts. It is important to make sure how to regulate the money before choosing an account.

A bank account’s features and fees vary from one bank to another so it is wise to consult a representative about these before opening an account. To minimize bank fees, it is smart to check offers and special services that your bank has with different bank accounts.

Dealing with a bank is often a tough task. It is important to remember a few things while dealing with any bank. People should ask the customer care representative of the bank to make sure they are signed up for the right programs to meet their needs. Building a friendly relationship with the bank employees can prove helpful. Don't be afraid to complain if the need arises and always keep good records of the bank account.

Be aware that whatever bank account you choose, their policies can change with little notice. You may be suddenly charged a new monthly maintenance fee or worse. Stay up-to-date on your monthly bank statements, as well as with any literature or brochures the bank may send you in the mail. That way, you will be prepared should you ever need to close your account and choose a new one - either at the same bank or at a different one.

Bank Accounts provides detailed information on Bad Credit Bank Accounts, Bank Accounts, Bank Checking Accounts, Bank Savings Accounts and more. Bank Accounts is affiliated with Online Banks.

Article Source: http://EzineArticles.com/?expert=Damian_Sofsian

Bank Pass Book or Bank Statement

The bank gives to its customers a pass book or a statement of account. Pass book or statement of account is a copy of the customers account in the books of the bank. The bank keeps the customer informed of the entries made in its books. The customer is expected to compare the pass book with the cash book (bank columns) and to inform the bank immediately regarding the errors that may have come to his notice.

The statement of account is similar to the pass book with the only difference that it is on loose sheet. The statement of account is sent by the bank to the customer of its own whereas it is the customer's duty to send the pass book to the bank for being written up-to-date. Recording banking transactions Banking transactions are recorded in three column cash book. However, jf the triple column cash book is not maintained the transactions would be journalized.

The journal entries are as follows:

Current Account

When cash is deposited in the bank
Bank account ... Dr
To Cash account (for cash deposited into bank)

When cash is withdrawn from bank for use in business.
Cash account ...Dr.
To Bank account (for cash withdrawn.)

When payment is made to creditor by cheque to settle his account.
Creditor's account ...Dr.
To Bank account (for cheque issued-to settle his account.)

When an expenditure is met by the issue of cheque.
Expense account ....Dr.
To Bank account (for expenses paid by cheque)

When cheque is issued to meet the personal expenses of the proprietor.
Drawings account ...Dr.
To Bank account (for cheque issued to meet personal expenses.)

When cheque or draft is received from a party.
Cash account ...Dr.
To Personal account (for cheque received)

When cheque or draft received is paid into the bank.
Bank account ...Dr.
To Cash account (for cheque received paid into bank)

When cheque or draft is received from a party and is paid into the bank the same day.
Bank account...Dr.
To Personal account (for cheque received and paid into bank)

When a customer pays the money directly to the bank.
Bank account...Dr.
To Customer's account (for payment made by a customer directly into the bank)

When a cheque or draft is received from one party and is endorsed in favor of someone' else.
Endorsee's personal account ...Dr.
To Payee's personal account (for cheque received from - endorsed over to -.)

When bank debits the customer's account with the incidental or collection charges.
Bank charges account...Dr.
To Bank account (for bank charges charged by bank)

When bank credits customer's account with interest.
Bank account ...Dr.
To Interest account (for interest credited by bank)

When cheque is dishonored
Personal account (Party from whom cheque was received)
To Bank account ...Dr.
(if it was sent to bank)
To Endorsee's personal account (If the cheque was endorsed)

When draft is purchased from bank and sent to some one. Personal account ...Dr.
Bank charges account ...Dr.
To Cash account (for draft purchased and sent to-)

Fixed Deposit Account
When amount is deposited in fixed deposit account.
Fixed deposit account ...Dr.
To Cash account (for cash deposited in fixed deposit account)

When fixed deposit is made by the issue of a cheque.
Fixed deposit account ...Dr.
To Bank account (for cheque issued and deposited into fixed deposit)

When interest becomes due on fixed deposit.Fixed deposit accountTo Interest account(for interest due on fixed deposit account)

When cash is received on realization of fixed deposit.
Cash account ...Dr.
To Fixed deposit account (for cash received on realization of fixed deposit)

When the amount of fixed deposit is paid in the bank current account.
Bank account ...Dr.
To Fixed deposit account (for fixed deposit amount on realization paid into bank account)

Savings Bank
When money is paid in savings bank account.
Savings bank account ...Dr.
To Cash account (for cash paid into savings bank account)

When interest is due.
Savings bank account ...Dr.
To Interest account (for interest credited by bank)

When cash is withdrawn from bank
Cash account ...Dr.
To Saving bank account (for cash withdrawn from bank)

Bank Loan
When loan is given by bank in cash
Cash account ...Dr.
To Bank loan account (for loan withdrawn from bank)

When the amount of loan is credited by bank in current account.
Bank account ...Dr.
To Bank loan account (for loan credited by bank in 'current account)

When interest becomes due on loan. Interest account to Bank loan account (for interest due on loan)

When loan is repaid.

Bank loan account ...Dr.
To Cash account (if paid in cash)
To Bank account (if repaid by cheque).

The author is an engineering graduate, B.E.(Hons), and is managing his own software development firm, HiTech Computer Services, that mainly deals in accounting, billing and inventory control software for traders, industries, business houses, hotels, hospitals, medical stores, newspapers, magazines, petrol pumps, automobile dealers, commodity brokers and other business segments, website and web application deveopment for business. The software are available both for intranet and internet. These software are available for download from the website: Evaluation version accounting software download is available at http://www.hitech-on-web.com/p10.asp Copy of the article and full Financial Accounting Primer or Tutorial is available at http://www.hitech-on-web.com/Banking_Transactions_Bank_Reconciliation_Statement.asp Visit HiTech Computer Services at http://www.hitech-on-web.com/ Article Source: http://EzineArticles.com/?expert=Anil_Kumar_Gupta

Impossible Possibilities Through Online Bank Accounts

Nowadays we do everything online. Right from ordering gifts, checking emails and of Course, using online banking facilities. By way of an online bank account you never again need to wait in a queue to have a cashier assist you with your monetary transactions.

Almost all modern financial institutions now offer their customers the facility to use bank account online. An Online bank account provides customers provisions for money transfer between accounts, online bill payment and account balance enquiry. Customers can use online bank account by simply signing up at bank’s website through the links provided at it.

Many feel confident about human interaction when they walk out of bank with a deposit slip in hand. To All those folks who usually rely on the services of a bank teller it might appear a little overwhelming to imagine an online bank account.

However one can consider Online banking just as safe and sure as conventional banking. All your transactions are documented and you receive an authorization number for each bill payment made using online bank account.

The other major benefit of online bank account is to have direct Deposit facility. Through Direct deposit your pay check is directly credited into your bank account online on each payday. This implies visit to bank after work on payday can be saved. Simply log in to your bank account online to find the money waiting there. Nevertheless your employer will still provide a record of your pay and deductions but it alleviates the necessity of a physical bank visit.

An additional pleasant characteristic of having a bank account online is that you can easily set-up post-dated payments. If you are going on a holiday but don’t want to miss your credit card bill payment, you can set your account to electronically send payments to the credit card company on a specified date. This can be done for almost all payments, thus preventing you from missing a payment’s due date.

On top of everything, With an Online Bank Account you are not required to write cumbersome post-dated checks, put it in envelope, find a stamp and mail it before you go on your vacation. It is simply a far easier and less cumbersome method.

Having a bank account online is the next step in banking. The full proof security features allow you to do your everyday banking in confidence from the convenience of your home.

Edward James Sentenera is well known critic on financial channels, founder of

services.bankingchannel.info his website is spreading awareness about benefits of online bank account, online banking, banking, bank accounts.

Article Source: http://EzineArticles.com/?expert=Edward_James_Sentenera