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June 21, 2006 at 08:00 PM
The number of individuals world-wide with net financial assets, excluding their primary residence and consumables, of more than $1 million increased 6.5% in 2005, according to the 10th Anniversary Edition of the World Wealth Report from Merrill Lynch and Capgemini. The 8.7 million people considered to be high-net-worth individuals (HNWIs) have combined assets totaling more than $33 trillion.
The report noted that 2005 marked the first time in three years that growth of the high-net-worth individuals in the U.S. failed to outpace the previous year (6.8% in 2005 vs. 9.9% in 2004).
“Real GDP growth and market capitalization were the two main drivers of wealth creation, making 2005 a year of robust but accelerating growth for some regions, following two consecutive years of strong global performance,” noted Robert McCann, vice chairman and president of Merrill Lynch’s Global Private Client Group.
