HNWI Rise Slowed In Ireland In 2002, Report Suggests
Citing the results of the recently released Cap Gemini Ernst & Young and
Merrill Lynch 2003 World Wealth Report, the Irish Independent on Thursday revealed
that the number of high net worth individuals (HNWI) in Ireland failed to increase
in 2002 compared to the previous year. The 2003 World Wealth Report found that there were around 15,000 HNWI in the
Republic in 2002, approximately the same number as in 2001. However, the survey also revealed that the overall number of high net worth
individuals in the world only increased by 2.1% to 7.3 million people last year,
representing the lowest growth rate since the inception of the World Wealth
Report. It went on to suggest that sluggish GDP growth and falling equity markets
had slowed wealth accumulation on a global scale. European HNWI wealth grew by 4.8% last year, compared with a fall in North
America of 2.1%. The World Wealth Report suggested that this was in part due
to the appreciation of the euro and sterling against the dollar. However, it
also suggested that European investors and HNWI had moved more quickly to diversify
their portfolios before the stock market downturn. .
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