World reaches 10 million millionaires — World — BrisbaneTimes

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Ferretti 60

World reaches million millionaires

25, 2008 6:26AM

The of the millionaires grew the slowest in four in 2007, the seizure credit markets a shift »safer» investments, to a by Capgemini Merrill Lynch.

number of with more $US1 million invest, not the value their homes consumable goods, 6% to million last the firms in their World Wealth published today. was a from 8.3% 2006.

The millionaires increased value of assets by to $US40.7 ($A42.5 trillion), than the rise in the survey The collapse the US market last and its triggered more $US390 billion mortgage-related losses writedowns by largest financial

«We expect environment to challenging for next six to a Nick Tucker, leader for UK private-client said in today. Slower growth may to a in the of millionaires the US UK this he added.

individuals poured of their into »safer» like deposits bonds last Merrill and said. That as they their holdings real estate to 14% their assets, 24% in

Market turmoil

Turmoil in markets also on growth assets under for the wealth-management industry year, with median increase to 12% 14% in a separate by Scorpio a consulting in London, today.

The in the housing market still eroding wealth of individuals. Median declines have as much 25% in of 19 Manhattan suburbs Connecticut, New and Westchester New York, the start the year, to a survey of and multiple services.

During year, the Poor’s 500 of the US stocks 3.7% and UK’s FTSE Index gained while the Stanley Capital Emerging Markets climbed 37%. number of in emerging jumped, as and China gains of and 20%,

»The impressive of emerging was boosted thriving exports heightened domestic Tucker said.

amount of rose 8.7% the Asia- region and in the East, while slowed to in the and about in the

Chinese millionaires

is edging to the recording 415,000 last year, with 495,000 Britain. There more than million wealthy in the Merrill and said in report, which 71 countries.

Ferretti 60

International Monetary predicts advanced this year suffer their price gains 1995 and weakest expansion seven years.

The number »ultra-high» net individuals, or with net of at $US30 million, 8.8% to according to survey. High worth individuals amass total of $US59.1 by 2012, annual growth 7.7%, the predicted.

UBS and Merrill the largest third-biggest money for the had slower in assets management last Scorpio Partnership Merrill’s assets affluent clients 8.3% to trillion, and managed the of $US1.9 8.8% more in the year, Scorpio

Battle for

It’s a battle,» for firms to themselves as managers, Merrill’s said. Scorpio that banks competing for than $US9 in still assets from world’s millionaires.

Wealthy individuals forgo expensive last year. Forbes cost living extremely-well which tracks annual cost a basket goods including and jewelry, 6.2% in compared with year earlier, to Merrill and Capgemini.

of some goods have resilient in face of tightening in credit markets. SE, the of the sports car, month said sales in 10 months May 31 0.7%, with growth matching gains, as bought more models.

Ferretti the Italian of Riva plans to for an public offering the next days after approval from Chief Executive Vincenzo Cannatelli June 20. 60% owned private- equity Candover Investments wants to its current and to new companies, said.

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