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KATE EMERYThe West Australian Australia has another 19,300 millionaires after the number of wealthy individuals worldwide rebounded to pre-global financial crisis levels. According to the
2011 Merrill Lynch and Capgemini World Wealth Report, Australia's millionaires club expanded 11.1 per cent last year to 192,900. The rich are also getting richer, with the combined
wealth of Australia's millionaires 12.1 per cent higher at $550.3 billion. Australia now has the ninth-most millionaires worldwide, behind Canada and Switzerland but ahead of Italy,
Brazil and India. It was ranked 10th in 2009. Globally, there are 10.9 million people worth more than $US1 million, 8.3 per cent more than there were in 2009. The number of ultra wealthy
people - defined as those worth more than $US30 million - grew even faster, up 10.2 per cent. At the same time, the report found that the number of millionaires in the Asia-Pacific region
overtook Europe for the first time: 3.3 million versus 3.1 million. The number of millionaires in Asia is now second only to North America, with 3.4 million, worth a combined $US10.8
trillion. The US, Japan and Germany account for 53 per cent of millionaires globally. However, there were signs the balance was shifting, with Asia-Pacific recording the fastest annual
growth. Based on the survey figures, Hong Kong's millionaire population jumped 33.3 per cent, Vietnam 33.1 per cent, Sri Lanka 27.1 per cent and India 20.8 per cent. By comparison only
modest gains were recorded in the US (8.3 per cent), Japan (5.4 per cent) and Germany (7.2 per cent). "While over half of the global HNWI (high net worth individual) population still
resides in the top three countries, the concentration of HNWI is fragmenting very gradually over time," Capgemini global head of sales and marketing Jean Lassignardie said. "The
concentration of HNWIs among these areas will continue to erode if the HNWI populations of emerging and developing markets continue to grow faster than those of developed markets." GET
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