OTTAWA, June 24 (Itar-Tass) —— The number of world millionaires reached 11 million in 2011 with the overall wealth estimated at $42 trillion, says the World Wealth Report 2011 released by tech consultant Capgemini and partner RBC Wealth Management earlier in the week.
Canadian partners joined the project last month only, replacing Merrill Lynch.
The world’s wealthy increased at an overall rate of 8.3% to number 10.9 million; their wealth grew by 9.7% to $42.7 trillion, surpassing the previous peak in 2007, before the economic crisis. The ultra-high-net worth population did even better, their ranks growing by 10.2% and their wealth by 11.5%, the report said.
The World Wealth Report 2011 counted 3.3 million affluent individuals in Asia, close behind the top affluent region, North America, with 3.4 million high-net-worth individuals. For the first time in the survey’s 20-plus-year history, Europe slipped to the No. 3 spot, with 3.1 million rich people. Asia was able to eclipse Europe in 2010 because of a 9.7% increase in its number of wealthy individuals, compared to 6.3% growth rate in Europe. North America’s high-net-worth population grew by 8.6%, the report said.
“While more people surpassed the $1 million disposable income level in 2011, the aggregate wealth of high net worth individuals declined overall, as market volatility took its toll,” said George Lewis, group head of RBC Wealth Management, in a statement. “For the first time this year there are now more high-net-worth individuals in Asia-Pacific than in any other region.”
However, India as well as Hong Kong topped the list of countries losing high-net-worth individuals in 2011, with India’s population of HNWIs dropping 18.0% to 125,500 from 153,000. Equity-market capitalization contributed to India’s plunge, wiping out asset values and levels of investable wealth. A similar stock-market decline in Hong Kong helped to reduce that HNWI population by 17.4%, the report said.
Losses in these two key markets meant that wealth contracted in Asia-Pacific overall in 2011 even though the number of millionaires in that region grew, Lewis noted. South Korea, for example, moved up in the rankings to replace India in the No. 12 spot for countries with the most millionaires, the report said.
A surge of anti-governmental protests in the Middle East increased world crude prices and the number of regional millionaires by 2.7% to 450,000 people. Their total wealth grew by 0.7% to $1.7 trillion.
The number of millionaires in Russia increased by 2% to 136,400 people.