High net worth market in Middle East sluggish but will grow
The latest World Wealth Report, published by Merrill Lynch and Cap Gemini Ernst and Young, indicates global high net worth asset wealth reached US $26.2 trillion in 2001
The latest World Wealth Report published by Merrill Lynch and Cap Gemini Ernst & Young, indicates that despite contractions in gross domestic product (GDP) and recessionary stock market conditions, the number of high net worth individuals (HNWI) around the world—[people with more than US $1million] has grown 3% in 2001, with total asset wealth reaching US $26.2 trillion.
According to the report, the high net worth market in the Middle East was sluggish in 2001. The wealth of the 290,000 HNWI in the Middle East, put at US $1trillion in 2000, remained unchanged for 2001.
The HNWI market in the region accounts for approximately 3.8 percent market share, and according to report estimates the combined wealth in the region will reach US $1.6 trillion in 2006.
Worldwide, the number of high net worth individuals grew by 200,000 to reach 7.1 million by the end of 2001.
The World Wealth Report covers fifty nine countries, accounting for 96% of world GDP and 98% of world stock market capitalisation.