Total global wealth has grown by 14% to
$231trn in the past 18 months, with Asia Pacific accounting for 54%
of the growth, new research has found.
According to the annual Global Wealth
Report by the Credit Suisse Research Institute, global wealth
grew from $203trn in January 2010 to $231trn in June 2011.
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The study also forecast that global wealth is
expected to rise by 50% to $345trn in the next five years.
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Globally the study estimated there are 29.7m
individuals with more than $1m in investable assets with these high
net worth (HNW) investors accounting for 38.5% of global
wealth.
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By GlobalDataThese figures differ significantly from the
HNW research by Merrill Lynch Global Wealth Management and
Capgemini in June, which estimated the number of HNW investors with
more than $1m at 10.9m.
The
Merrill Lynch/Capgemini report, which used 2010 data, estimated
the world’s millionaires controlled about $42trn.
Credit Suisse’s research said the world’s 369m
affluent wealthy, those with assets between $0.1m and $1m, were
accountable for 43.6% of global wealth.
Emerging markets lead the
way
According to the report, emerging markets
remained the main wealth growth engine, with the fastest growth
seen in Latin America, Africa and Asia.
Emerging markets’ much lower ratio of net
financial assets to income as well as a much lower debt to income
ratio, compared to developed economies, provide a considerable
scope for further growing personal wealth, the research found.
Top of the crop
The study, which defines ultra high net worth
individuals (UHNWIs) as individuals with net asset over $50m, also
found that their global population reached 84,700. Of this UHNW
population almost 29,000 are worth at least $100m and 2,700 have
assets above $500m.
Almost half (44%) of UHNWIs reside in the US,
while Europe serves as a hub to 28% and Asia-Pacific (excluding
China and India) to 15%.
In its research, Credit Suisse defined wealth
as the value of financial assets and non-financial assets (mainly
real estate), minus household debt, based on data available in
mid-2011.
