Assets held by millionaires reached $50 trillion last year, according to study that was issud by Oliver Wyman that examined the private banking and wealth management market.
The New York consulting firm, which is a unit of Marsh & McLennan Cos., predicts in a study released Thursday that growth in high-net-worth assets, or assets held by individuals with assets of more than $1 million, will slow to 9% a year, from the rate of 11% that prevailed for the last five years, but high-net-worth assets are expected to reach $75 trillion in 2012.
In North America, high-net-worth assets reached $20 trillion last year, accounting for 40% of the global total.
High-net-worth assets held in North America are expected to grow 8% a year, reaching $29 trillion in 2012.
Internationally, the Middle East is expected to be the fastest-growing region for high-net-worth assets, at 12% annually, followed by Latin America and Asia-Pacific, which are both expected to increase 9% annually, according to the study.
