More rich with more money finds survey of world's wealthy

Wednesday 16 June 2004

LONDON: The world's richest people saw their wealth rise 7.7 per cent to $US28.8 trillion ($NZ46.74 trillion) in 2003, taking it back to levels before the collapse of the dot-com stock market boom four years ago, a survey found yesterday.

By The Landlord

There were an estimated 7.7 million "high net worth" individuals in the world at the end of 2003, 500,000 or 7.5 per cent more than in 2002, according to the survey by IT services firm Capgemini and investment bank Merrill Lynch.

Rallying stock markets helped more people get rich in Britain and put the UK in the global top 10 for growth in high net worth individuals – classed as those with financial assets of at least $1 million excluding home real estate – the survey revealed.

It found that 383,000 people joined the high net worth bracket in Britain last year, an increase of eight per cent. Their combined wealth also rose eight per cent, to $US1.34 trillion.

Wealth creation varied from country to country, with Asia and North America seeing growth of 10 per cent and 13.6 per cent respectively in 2003.

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