Vast wealth will continue to be generated in Latin America as long as commodity prices remain high, according to leading private bankers.
The latest Merrill Lynch/Capgemini Annual World Wealth Report states that there were 371,000 high-net-worth individuals (HNWIs – those with more than $1m in investible assets as well as their principal home) in Latin America at the end of 2006, an increase of 10.2% on 2005. Total investible assets held by HNWIs in the region increased by a massive 23% in 2006 to $5100bn, against an increase of 11.4% to $37,200bn globally. Brazil, Latin America’s biggest economy, has 120,000 HNWIs, an increase of 10% on 2005.
