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World’s wealthy still growing despite the crunch, claims report

Driven mainly by market capitalisation growth in emerging BRIC and other oil-rich economies, the wealth of the world’s high net worth individuals (HNWIs) increased by 9.4 per cent to $40.7 trillion last year, according to Merrill Lynch’s recently published World Wealth Report 2008, released in conjunction with Capgemini consultants

The number of HNWIs in the world, defined as possessing wealth in excess of $1 million excluding property, increased by six per cent last year to 10.1 million people, with each person holding average assets of $4 million.

The growth in developed western economies was understandably muted in the wake of the credit crunch with future expansion opportunities for wealth managers expected to be most prevalent in the gulf and asian markets, says the report.

• For more information from the World Wealth Report 2008 please click here

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