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  • seoulsearch1 seoulsearch1 Aug 11, 2006 7:34 AM Flag

    KOREA Tops in World's MillionaireGrowth

    Korean Millionaires Multiply at Record Pace
    Korea Tops in Millionaire Growth.

    A recent report by Merrill Lynch and Capgemini says the number of millionaires in Korea is growing at the world's fastest rate.

    According to the World Wealth Report put out by the two firms, the number of high-net-worth individuals, or those with at least US$1 million in investable assets, grew 21% in Korea.
    India came second with 19 percent, and Russia third with 17 percent. South Africa and Indonesia followed. Meanwhile, the number of wealthy Americans failed to grow in 2005 for the first time in three years.

    The annual report said wealthy individuals found significant opportunity in the Asia Pacific region last year, compared to other parts of the world, most notably North America.

    It said this was because market capitalization and GDP continued to support high growth rates in the region, and added that in Korea's case, strong performance in the stock market was another factor.
    Overall, the number of high-net-worth individuals around the world grew by 6.5 percent in 2005, totaling $8.7 million.

    The report says the wealthy will continue to transfer assets away from mature markets and into emerging markets in the next few years.

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