The rich grew richer last year, even as the world endured the worst recession in decades. 8 N$ a0 v" h2 w* C G8 s6 r e . }) ^# P( h9 O 1 M+ t0 @' A$ {: p$ B# n# m A stock market rebound helped the world's ranks of millionaires climb 17 percent to 10 million, while their collective wealth surged 19 percent to $39 trillion, nearly recouping losses from the financial crisis, according to the latest Merrill Lynch-Capgemini world wealth report. 6 _" G, ` h1 r( B% N) p& `
Stock values rose by half, while hedge funds recovered most of their 2008 losses, in a year marked by government stimulus spending and central bank easing.& r: ~5 _7 v# f, e* y
"We are already seeing distinct signs of recovery and, in some areas, a complete return to 2007 levels of wealth and growth," Bank of America Corp wealth management chief Sallie Krawcheck said.) A% @9 h k3 o1 C. c0 x
The fastest growth in wealth took place in India, China and Brazil, some of the hardest hit markets in 2008. Wealth in Latin America and the Asia-Pacific soared to record highs. ^/ Q! p9 w& F3 o) ^0 {& ~) Q Asia's millionaire ranks rose to 3 million, matching Europe for the first time, paced by a 4.5 percent economic expansion. 4 e2 G) K8 N8 E% Y% Y; i. M0 U8 J Asian millionaires' combined wealth surged 31 percent to $9.7 trillion, surpassing Europe's $9.5 trillion.6 X |3 I7 V( o/ z+ Z! k
In North America, the ranks of the rich rose 17 percent and their wealth grew 18 percent to $10.7 trillion.4 O$ J# _ F7 I C8 e L4 L0 U8 x# q
The United States was home to the most millionaires in 2009 —— 2.87 million —— followed by Japan with 1.65 million, Germany with 861,000, and China with 477,000.# T% V5 E8 ?* f1 r4 @( o6 s
Switzerland had the highest concentration of millionaires: nearly 35 for every 1,000 adults. + S2 _ k H% N Yet as portfolios bounced back, investors remained wary after a collapse that erased a decade of stock gains, fueled a contraction in the global economy and sent unemployment soaring. ) t8 n* _9 ^# C5 r5 e The report, based on surveys with more than 1,100 wealthy investors with 23 firms, found that the rich were well served by holding a broad range of investments, including commodities and real estate.