The global population of wealthy people has been growing despite the international financial crisis that peaked in 2008, according to Merrill Lynch. In the investment firm’s annual “World Wealth” report, Merrill reported that the worldwide number of high net-worth individuals has surpassed the pre-crisis level of 2007.
But even for the comfortably wealthy, these are disturbingly uncertain times. Political inertia in Washington, a crisis of confidence in European sovereign debt and political instability in the Middle East have played lead roles in the dramatic volatility of financial markets this year. Are the wealthy retreating from financial assets and holding more cash? Are they aggressively hunting for bargains in the financial markets? How are tax considerations affecting their wealth-preservation strategies?
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