The number of millionaires around the world grew to 7.3 million last year, but the US saw for the first time a drop in the number of high-wealth people and their net worth, according to a new survey.
The survey, by Cap Gemini Ernst and Young with brokerage Merrill Lynch, concluded that the number of 'high-net-worth individuals' - with at least $1m in assets, excluding real estate - grew by 200,000 last year. Overall, the assets of these individuals grew 3.6% to $27.2 trillion last year, the report showed.
This occurred even as global stock market wealth declined by 16.9% in 2002. The report said that although global financial markets were clobbered, the wealthy were able to 'use knowledge and professional financial assistance to overcome difficulties' and keep their assets intact.
But in North America, wealth among these individuals declined 2.1%, or $200 billion, to $7.4 trillion. There also was a 1.9% decline in the number of millionaires in North America, down to 2.22 million individuals.
European millionaires fared better, with their wealth up 4.8%, or $400 billion, to $8.8 trillion in 2002. The number of wealthy people increased 3.9%, or 100,000 people, to 2.6 million individuals, the survey found.
