Millionaire Wealth Rises to Pre-Crisis Levels
By Lorie Konish
June 22, 2011
While the international millionaire population’s wealth rose past pre-crisis levels in 2010, wealth managers need to prepare as that demographic gradually shifts to younger clients, according to a new report released on Wednesday.
The annual 2011 World Wealth Report, released by Capgemini and Merrill Lynch Global Wealth Management, showed moderate growth in 2010 for high net worth individuals, or investors with $1 million or more in investable assets.
In 2010, the high net worth individual population saw its financial wealth rise to $42.7 trillion, surpassing the pre-crisis high of $40.7 trillion in 2007. The high net worth individual population’s wealth grew by 9.7% in 2010, versus 18.9% in 2009. At the same time, the high net worth individual population grew to 10.9 million in 2010 with 8.3% growth, also down from the 17.1% growth seen in 2009.