The rich grew richer last year, even as the world endured the worst recession in decades. # S- e! e7 o9 k8 {9 b1 l; f. T, T: h5 ?9 b' i( Y
% ^+ X) G M4 A' O: {( P 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 $39 trillion, nearly recouping losses from the financial crisis, according to the latest Merrill Lynch-Capgemini world wealth report. 3 Q* @/ k7 P4 o4 [5 J
Stock values rose by half, while hedge funds recovered most of their 2008 losses, in a year marked by government stimulus spending and central bank easing.$ |# C# K6 Y5 d( }/ B: v
"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. 1 b6 r& W C3 `. s 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. i/ s: N& S) E# P# H) ^4 D& ?9 n
Asia's millionaire ranks rose to 3 million, matching Europe for the first time, paced by a 4.5 percent economic expansion.$ O2 k9 u8 ~; n4 G' k. W+ Z' I
Asian millionaires' combined wealth surged 31 percent to $9.7 trillion, surpassing Europe's $9.5 trillion. 6 q$ [% o* F5 Y9 l. o* Z In North America, the ranks of the rich rose 17 percent and their wealth grew 18 percent to $10.7 trillion.4 F1 u. w6 e( Y6 z7 s5 C: }
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. ( Y, J* H% k. m" t5 Q4 O Switzerland had the highest concentration of millionaires: nearly 35 for every 1,000 adults.6 }+ X4 A1 g; e5 P
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.3 x2 M: q8 Z" F b% F
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.