Weekly Report - 23 June 2011 (WR-11-25)

BRAZIL | Millionaires. Brazil created 8,700 new millionaires, at a rate of 24 per day in 2010, according to a report published on 22 June by Merrill Lynch and Capgemini. The country now has 155,400 millionaires (defined as those with over US$1.0m available to invest) up 5.9% on 2009. Globally, Brazil now ranks 11th in its number of millionaires, above India, another powerful emerging economy; and just below Italy.
Moreover, Latin American millionaires weathered the global recession much better than their peers. According to the report, combined wealth in the region grew 18.1% between 2007 and 2010, outpacing the growth rate in Asia (14.1%), which has overtaken Europe as the region with the most millionaires after North America.
The report also highlighted that Latin America has "the capacity for sustainable growth" in the local number of individuals of high net worth, given a low base. According to the UK-based bank Standard Chartered, overall in Latin America there are less than 500,000 millionaires and 40% of these come from Brazil.

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