High Net Worth Individuals Decline
Simon Mellon, who will head Bonner & Partners Family Office, believes family office investors are now more risk averse. Also, the number of high-net-worth individuals has suffered an unprecedented decline.Simon Mellon, the globetrotting financial insider leading up our new “family office” project, says the super-rich are switching to low risk. (We will be sharing Simon’s insights into wealth protection, asset management and risk with Notes readers for the foreseeable future.)
On Wednesday, Capgemini and Merrill Lynch Wealth Management released the 2009 edition of their long-running World Wealth Report. The report’s findings are not easy to swallow. But they won’t come as a big surprise to Notes faithful.
It reveals that the population of “High Net Wealth Individuals” (defined as people with $1m or more to invest) fell nearly 15% in 2008. This drop is unprecedented. The biggest falls were seen amongst the “Ultra High Net Worth Individuals” (defined as those with more than $30m to invest), who saw more than 24% of their net wealth wiped out. (Source)
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