“…The world’s wealthiest people were richer last year than they were before the 2008 banking crisis. There were also more of them in 2010 – 10.9m – than there were before the recession struck, according to a new report.
But in the UK these so-called high net worth individuals (HNWIs) – people who have more than $1m (£620,000) of free cash – have not enjoyed a return to pre-crisis levels of wealth as sluggish economic growth holds back their prospects.
According to the annual world wealth report by Merrill Lynch and Capgemini, the wealth of HNWIs around the world reached $42.7tn in 2010, rising by 9.7% and surpassing the peak of $40.7tn reached in 2007.
The report also measures a category of ultra-high net worth individuals – essentially those with $30m to invest.
This class of wealthy people rose by 10% to 103,000, while the value of their investments jumped by 11.5% to $15tn.
They are included in the total figure of $42.7tn – representing 36% of the total in value but less than 1% of the number of individuals demonstrating that even among the rich..
… the richest get richer quicker…”
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