Market recovery makes an extra 500,000 millionaires in 2003

WHO wants to be a millionaire? Just about everybody.

But the reality is there are now almost eight million on that elite list, according to latest figures.

Millionaires around the world saw their ranks swell to 7.7 million last year as economic growth quickened and stock markets recovered.

Their combined wealth was worth an estimated $28.8 trillion (€24tn) in 2003, according to a survey by investment bank Merrill Lynch and consultants Capgemini.

And the annual rate of growth in wealth is forecast to continue at around 7% and exceed $40tn by 2008.

The World Wealth Report found that 500,000 more people had financial assets, excluding their property, of at least $1m (€0.8m) in 2003 after stripping out the value of their property.

James Gorman, president of the global client group of Merrill Lynch, said the richest individuals were quick to capitalise on a stock market rally and global economic growth.

Investors in the US, China and India were able to overcome significant political uncertainty to grow their assets, he said.

But the survey found Europeans to be lagging behind because of restrictive income tax policies which hamper the ability to accumulate personal wealth.