According to an article by Lauren Shermanin in The Age the world's wealthiest took a financial hit last year, but they're on the road to recovery, according to a new report.
The 2009 World Wealth Report report outlines the spending and investment habits of the world's richest people in 2008.Released last week by Merrill Lynch, in partnership with consulting company Capgemini, the authors define high net-worth individuals (HNWI) as those with at least $US1 million in financial assets, excluding collectibles, consumables, consumer durables and primary residences. Ultra-high net-worth individuals (U-HNWI) hold at least $30 million in financial assets, excluding the same variables.
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