Where Is All The Worlds Wealth Come From
According to the Cap Gemini/Merrill Lynch World Wealth Report, Russia has the greatest number of high-net-worth people among the fastest growing wealth population in the world. What exactly are they doing over there? I haven’t seen much about Russia anywhere in headlines. The number of ultra-high-net-worth individuals, those with at least $30 million is rising fast. Last year, the number of members of that exclusive club rose more than 11% to almost 95,000. The total amount of money they represent, according to the World Wealth Report, is just over $13 trillion (yes, with a “t“). Talk about low-key. Where are these people?
Singapore, India, Indonesia, Russia, United Arab Emirates and China were the fastest-growing countries in terms of their wealthy populations. Growth was slowest in North America and Europe, even though those areas house more than half of the world’s wealthiest in terms of numbers and assets. There are about 3 million millionaires in the U.S. They have more than $11 trillion and did a pretty good job of managing their wealth: assets rose 10.3% for the year. Europe, with about the same number of millionaires, didn’t do as great a job in terms of asset growth; assets there rose 7.8% in the year. All in all, the numbers point to high growth rates in the ranks of the world’s wealthiest individuals, and CapGemini/Merrill Lynch don’t see a stall anytime soon: they predict financial wealth among the high-net-worth population globally will increase by an annual rate of 7.8% in the next few years, hitting $51.6 trillion by 2011.
