Millionaire club grows to 8.7 million worldwide
The ranks of millionaires swelled to 8.7 million worldwide last year, exceeding the population of New York City, according to Capgemini SA and Merrill Lynch & Co.
The biggest increase was in the Asia-Pacific region, followed by Africa, the Middle East and Latin America, as oil prices more than doubled in the past two years and emerging stock markets appreciated by almost a third, Capgemini and Merrill said in a report Tuesday.
The world's millionaires had a total of $33.3 trillion in assets, triple the value of the 500 largest publicly traded U.S. companies, or an average of about $3.8 million each. The number of people with more than $1 million to invest, not including the value of their homes and consumable goods, climbed 6.5 percent, the survey found.
"The assets of wealthy individuals continue to grow significantly faster than gross domestic product increases," Eva Castillo, head of Merrill's brokerage for individual investors in the U.K. and Europe, said at a news briefing in London. The $44.4 trillion world economy grew 4.8 percent last year, according to the International Monetary Fund.
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