Despite persistent fears of debt spreading around the globe, the number of affluent individuals worldwide are predicted to rise by as many as 20 million per year. India is tipped to climb within the top 10 wealth markets' table.
What’s more, Ireland’s wealth market is forecast to make a “remarkable recovery” which will see it outperform the other PIIGS economies. While the UK and US, in particular, are expected to perform strongly.
These latest findings come from Datamonitor in its newly published Global Wealth Market report. Datamonitor says that 2011 was the worst year for the global wealth market as the Eurozone crisis, natural calamities and stock market volatility all took their toll. And while there remains signs of “rocky times ahead”, its research shows that many markets are expected to perform surprisingly well.
An interesting feature of this report is the sea change in the world's top 10 wealth markets, in terms of dollar millionaire holdings. During 2011 India entered the list and Spain left it. “This seems to be the first example of emerging markets in and their Western European counterparts out,” says Datamonitor.
"The US will remain the largest high net worth market in the world through 2015, in terms of both number of millionaires and their holdings," says senior analyst Matia Grossi. "Since the financial crisis of 2008, the US government has stepped up its commitment to ensuring that the super-rich with offshore assets pay their fair share of taxes. This is expected to push many to repatriate at least some of their offshore holdings, boosting the onshore, declared wealth market for the world's wealthiest country."
In 2011, the world's 258 million affluent individuals, defined as those holding $50,000 or more in liquid assets, represented just 7.3% of the total adult population globally, but accounted for 77% - or $61 trillion - of the total global liquid assets. This figure was up only slightly from the 2007 value of $57 trillion.
The Global Wealth Market 2012 can be downloaded for free at bit.ly/Ko5ryC
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