MercoPress. South Atlantic News Agency

Half a million more millionaires.

Booming stock markets and a stronger world economy has helped increase the number of millionaires by half a million, who now number 7,7 million according to a report from Capegemini and Merrill Lynch.

High Net Wealth Individuals, those with a personal fortune over a million US dollars in 2003 increased 7,5%, and assets 7,7%. Last year's expansion follows an ambiguous 2002 for investors when the number of US millionaires actually dropped.

"If 2002 can be defined as a "lost year" for HNWI investors, most financial markets rebound helped recover losses by the end of 2003", with a strong recuperation of confidence and assets.

This was particularly true of US, China and Indian investors who managed to capitalize these tendencies in spite of growing geopolitical uncertainty, adds the report.

U.S. and Asia led the creation of wealth, but Middle East, Oceania and Latinamerica experienced modest expansion.

The number of US millionaires jumped 13,5% (272,000) reaching 2,277,000 people in 2003 and assets grew 13,6%.

Millionaires in China grew 12% in numbers and in India 22%. In Europe the number of millionaires is 2,6 million, after growing 2,4% in 2003 with the greatest expansion in Spain, Russia and Czech Republic. In Latinamerica the number only increased 1,3%.

In 2003 the "ultra-rich" with over 30 million US dollars increased by 70,000.