Wealth grows in BRIC countries

Wealth growth around the world last year was led by Brazil, Russia, India and China, according to a report by Merrill Lynch and Capgemini.

Wealth growth around the world last year was led by Brazil, Russia, India and China, according to the annual World Wealth Report, released this morning by New York-based Merrill Lynch & Co. Inc. and Paris-based Capgemini.
India saw the largest growth of individuals with over $1 million to invest (22.7%) followed by China’s 20.3% growth of high-net-worth individuals — a growth rate more than two and half times greater than in 2006, according to the study.
Brazil’s high-net-worth growth rate in 2007 was 19.1%, while Russia’s was14.4%.
The study underscored the “extraordinary growth opportunities” in emerging markets for wealth management firms, Bertrand Lavayssiere, managing director of global financial services for Capgemini, said at a press conference.
Overall, world wealth continued to grow last year, but at a slower pace than in 2006.
Wealth held by individuals with more than $1 million in investible assets grew 9.4% to $40.7 trillion, down from last year’s growth rate of 11.4%, according to the report.
The worldwide population of affluent individuals exceeded 10 million for the first time in 2007, growing by 6%, down from 8.3% growth in 2006, the report stated.