The report reflects that a record 8.3 million people globally hold at least $1m in financial asset wealth, an increase of 7.3% on 2003.
The overall wealth growth, according to Merrill’s head of global private client EMEA, Ausaf Abbas, was driven by high GDP growth and low interest rates worldwide, along with moderate to strong stock market returns.
The major wealth growth areas were North America and Asia Pacific, where the number and overall wealth of HNWIs grew at faster rates than in Europe and Latin America. In wealth terms, North America led the table with $9300bn and 10.2% growth, followed by Europe with $8900bn and 3.7% growth. Asia Pacific came third with $7200bn and 8.5% growth.
Although Middle East wealth expanded by 28.9% on the back of higher oil prices, the region only accounted for $1000bn in HNWI wealth. UK growth of HNWI wealth ran at 13.5% to reach $1500bn.
The report forecasts that global wealth will grow at 6.5% over the next five years to reach $42,200bn by 2009. North America is expected to account for $13,900bn in 2009, growing at an estimated 8.4%.
