An unprecedented decline in the number and wealth of the world's richest people has hit the UK hardest, according to the 2009 World Wealth Report.
A collapse in the UK’s housing prices, stock market and financial services industry, caused the number of British millionaires to fall faster than in any other leading country last year, the report, compiled by Merrill Lynch and Cap Gemini, revealed.
The number of dollar millionaires in the UK, based on assets excluding their primary residence, fell by 26.3% to 362,000.
In China, the global recession and a local stock market crash caused the number of millionaires to shrink by 12% to 364,000.
Despite China’s rise to prominence in global wealth, the US, Japan and Germany still account for 54% of the world's high-net-worth individuals, a slight increase on the share in the 2008 figures.
All of the top 10 countries for high net worth individuals saw a decline in millionaires, with the total population falling by 14.9% to 8.6 million and combined riches down 19.5% to $32.8 trillion (£20 trillion).
The number of ultra-high net worth individuals, defined as those with assets of $30m or more once their primary residences were excluded, declined faster than simple millionaires, falling 24.6% to about 86,000.
This is the first time that has happened in the 13-year history of the report.
The report also made difficult reading for the financial services industry, with 46% of the rich saying they have lost confidence in the people managing their wealth, while 25% noted that they have taken at least some of their money away from the firm previously in charge of looking after it.
© Crimson Business Ltd. 2009
