The number of millionaires worldwide grew in 2001 to 7.1 million, despite the global economic downturn and difficult financial markets, according to the results of a new survey.
The World Wealth Report by consultants Cap Gemini Ernst and Young with brokerage Merrill Lynch concluded that the number of 'high net worth individuals' grew by 200,000 last year.
'In spite of the financial market calamities there was money made,' said James Greene, global head of financial services at Cap Gemini. But the authors said it was clear the 3% increase in the number of millionaires and the nearly 3% growth in their assets to $26.2 trillion represented a slowdown.
'This rise is the slowest wealth growth reported in the World Wealth Report since it was first published in 1997,' said Kelly Martin, president of Merrill Lynch's International Private Client group.
'High net worth' individuals had at least the equivalent of one million US dollars in assets, excluding real estate holdings. Nearly 30% of the millionaires - some 2.1 million people - live in the US, helping to boost the assets in the North American region by 1.7% to $7.6 trillion.
Europe boasted the largest number of millionaires - 2.54 million - though their numbers were flat from 2000 and their assets remained stable at $8.4 trillion.
Ireland is reported to have 15,000 millionaires - that is one out of every 253 people. The country has only two billionaires however, John Dorrance and Anthony O'Reilly.
Most surprising was the growth in wealth in Latin America despite the severe problems in Argentina. The number of millionaires in the region jumped 12% to 280,000 and their wealth grew 8% to $3.5 trillion, the survey found.
Some 1.73 million millionaires live in Asia, holding assets of $5.1 trillion, up 7.1% from a year earlier.
Assets held by 'ultra high-net worth individuals' - those with over $30 million in assets - also increased 3% to an estimated $8.37 trillion. The number of ultra-rich rose 2.6% to just over 57,000 people at the end of last year.
'A major reason for this increase, despite increasingly volatile markets, was that many wealthy investors acted wisely in 2001, taking advice and appropriate measures to protect their capital,' Martin said. 'This growth demonstrates that appropriate asset allocation and sound professional financial advice can make a difference.'
