Super Yacht for Millionaires

The number of newly rich continues to grow despite the crisis. The number of individuals with what is considered high net worth (assets minimum investment of one million dollars, excluding primary residence and consumables) in Spain rose by 16,000 during 2009, representing a 12.5% increase over the previous years.

At present, there are already 143,000 “millionaires”, as the report from Merril Lynch Global Health Management & Capgemini.

The organization responsible for Spain and Portugal, Lucia Granda, explained that this increase in the number of wealthy match European average.

However, “double that of Germany and exceeded that of Italy and the United Kingdom.” Granda blamed the situation to “increase the market capitalization (market trading, IPOs and capital increases) by 36.5% and cuts in interest rates.” The head of Merrill Lynch considers that these two factors offset the decline in GDP and declining home prices. These numbers keep Spain in the twelfth position in the global list of countries with highest number of large estates.

According to the report, globally, the number of high net worth individuals in 2009 stood at ten million people, representing a 17.1% increase over the previous year and to retrieve similar levels to 2007, thanks the promotion of great fortunes in the Asia-Pacific and North America, where wealth increased by 18.9% to 39 billion dollars.

The study shows that the Asia-Pacific (excluding Japan), led by Hong Kong and India, managed to reach Europe in regard to people with large estates, while their levels of wealth exceeded. In addition, eight out of ten countries that experienced higher growth in the number of millionaires are in the region.

On the other hand, the Vice President, Capgemini Financial Services, Jorge Sobrino, said that “emerging markets continue to drive the rebound, especially India, China and Brazil.” Despite these changes, people continue to focus on wealthy countries like the U.S., Japan and Germany, which together account for 53.5% of total wealth in 2009, a percentage that is slightly below 54% recorded in 2008.

Regarding the tools used to maximize returns on assets, most focused on equity investments, which increased due to the recovery of stock markets. In addition, the housing sector regained some of its appeal over the last year.

Also, despite the economic crisis, the number of individuals increased with what are called “very large estates (minimum investment assets of $ 30 million excluding primary residence and consumables).

Get stories like this
in your inbox

Join the Discussion