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Private wealth is increasing but at a slower rate

Private wealth around the globe increased 5% to $109.5 trillion last year, according to a new report on global wealth by Boston Consulting Group.

Most of the growth was centred in developing markets such as the Middle East and China, however, North America remained the wealthiest region with $39.2 trillion assets under management. Wealth in Asia totalled about $25.5 trillion in 2007, with Japan accounting for nearly half of this.

The growth of global wealth fell from about 8% in 2006 to about 5% in 2007, according to the report. The impact from the financial crisis on wealth varied from market to market, it said.

According to the report, wealth among the very rich increased more rapidly than any other group. Last year, the richest 1% of all households owned 35% of the world’s wealth, but the top 0.001% of wealthy households control $21 trillion, which is around a fifth of the world’s wealth. Overall, the number of millionaire households increased 11% to 10.7 million last year.

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