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Executive Summary

Global wealth declined for the first time since 2001. Measured in local currencies, global wealth fell by 11.7 percent in 2008 to $92.4 trillion. The authors believe that wealth will resume its growth trajectory in 2010, but the recovery will be gradual - they expect assets under management (AuM) to grow at an average annual rate of 3.8 percent from year-end 2008 through 2013. Wealth became slightly less concentrated. AuM held by nonwealthy households - those with less than $100,000 in AuM - increased by 2 percent, while wealth in all other client segments declined. The number of millionaire households fell from 11 million to about 9 million in 2008.

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