Newspaper article The Evening Standard (London, England)

As the Rich Get Richer, the Even Richer Get Even Richer

Newspaper article The Evening Standard (London, England)

As the Rich Get Richer, the Even Richer Get Even Richer

Article excerpt

Byline: JOANNE HART

ALMOST 60,000 people around the world have spare cash of more than [pound]20 million. Together they own [pound]5.9 trillion of readily-available money, writes Joanne Hart.

The ranks of the extremely wealthy grew by 3% over the year from 1999 to 2000 but the amount they owned increased 6%.

They are known as ultrahigh net worth individuals and form a small subset of the world's wealthiest people.

Those with assets excluding property of more than $1 million ([pound]700,000), number 7.2 million globally, an increase of 180,000 from 1999.

Between them, these people have [pound]19 trillion at their disposal, also up 6% from 1999.

The figures were compiled by Merrill Lynch and Cap Gemini Ernst & Young for their World Wealth Report.

The data shows that turbulent market conditions last year had a serious impact on the number of new dollar millionaires. In the first quarter of 2000, their numbers increased by 260,000 but as stocks fell, 80,000 dropped out of the league. …

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