The number of people globally with more than $1 million in net assets rose 6.5 percent in 2005 to 8.7 million, according to a report released on Tuesday. The 10th annual World Wealth Report by Merrill Lynch and consultants Capgemini found this group of millionaires owned $33.3 trillion in net assets in 2005. The figures exclude their primary residence. Those with financial assets of more than $30 million -- known as ultra high net worth individuals -- grew 10.2 percent to 85,400. South Korea saw the biggest rise in millionaires last year, with their ranks swelling by 21.3 percent. It was followed by India, up 19.3 percent, and Russia, up 17.4 percent. South Africa, Indonesia, Hong Kong, Saudi Arabia, Singapore, the United Arab Emirates and Brazil all posted double-digit increases. Numbers in China grew 6.8 percent. "Real GDP growth and market capitalization were the two main drivers of wealth creation, making 2005 a year of robust but decelerating growth for some regions following two consecutive years of strong global performance," said Robert McCann of Merrill Lynch. The number of U.S. millionaires slowed, growing 6.8 percent compared to 9.9 percent in 2004, as rising oil prices and higher interest rates hit stock market returns, but it remained home to the greatest number with 2.67 million millionaires, Reuters reported. Germany had 767,000 millionaires, the UK had 448,000 and China had 320,000 in 2005, according to the survey. Brazil had 109,000, Russia had 103,000 and India had 83,000. By region, there were 2.9 million in North America, 2.8 million in Europe, 2.4 million in Asia Pacific, 300,000 in Latin America, 300,000 in the Middle East and 100,000 in Africa. The survey authors forecast that the financial wealth of millionaires around the globe will reach $44.6 trillion by 2010, growing at an annual rate of 6.0 percent.
