June 19, 2012 - 11:39 AM
TORONTO - A new report says the world's richest saw their overall financial wealth dip 1.7 per cent last year.
The drop for high net worth individuals was the first decline since the 2008 financial crisis when it dropped 19.5 per cent.
The report by Capgemini and RBC Wealth Management (TSX:RY) classifies high net worth individuals as those with investable assets of US$1 million or more, excluding their primary residence and other certain assets.
Despite the drop in overall wealth, the report said the number of high net worth individuals increased by 0.8 per cent to 11 million in 2011.
That compared with a gain of 8.3 per cent in 2010.
The number of ultra-high net worth individuals, those with more than US$30 million or more in investable assets, fell 2.5 per cent last year as that group's wealth slipped 4.9 per cent.
News from © The Canadian Press, 2012