What Recession? – World’s Wealthiest Individuals increase their Wealth

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The “World Wealth Report 2011”, published by finance conglomerates Merrill Lynch and Capgemini, has shown that the amount of wealth held by the world’s wealthiest elite increased by almost 10% in 2010.  The number of ‘High Net Worth Individuals’ (i.e. those with investable assets of over $1million) also rose last year – to 10.9 million.

The wealth of these individuals has risen to $42.7trillion, or an average of almost $4.3million each.

The report also reveals that the number of Ultra High Net Worth Individuals – those with over $30million to invest – increased by 10% to 103,000.

The report fails to point out that there are currently 925 million people in the world who cannot afford enough to eat.

WORDS: Gregor Kerr