Assets of the world's richest rises to $40.7 trillion

Driven by market capitalization growth in emerging economies, the wealth of the world’s high net worth individuals (HNWIs) increased 9.4 percent to $40.7 trillion in 2007, according to the 12th annual World Wealth Report, released by Merrill Lynch and Capgemini on Tuesday.

The number of HNWIs in the world increased 6 percent in 2007 to 10.1 million, the number of ultra high net worth individuals (Ultra-HNWIs ) increased by 8.8 percent, and for the first time in the history of the report, the average assets held by HNWIs exceeded $4 million.

Strong worldwide gains in the first half of 2007 boosted HNWI growth across the globe; while in the second half of the year, resilient emerging economies offset slowdowns in mature ones, told the report, adding "The global economy grew by 5.1 percent, down slightly from the 5.3 percent global growth in 2006."

MORE MILLIONAIRES IN TURKEY

According to the report, the number of dollar millionaires in Turkey increased by 8,000 in a single year.

The number of dollar millionaires in Turkey was 42,000 in 2006 and rose to 50,000 in 2007. While designating individuals as dollar millionaires, Merrill Lynch and Capgemini do not consider the private residences of millionaires as part of their total wealth.

Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, while Capgemini is one of the world's foremost providers of consulting, technology and outsourcing services.