BUSINESS BRIEFING / THE ECONOMY
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The ranks of the world’s millionaires shrank at the fastest rate in 2008, with North America suffering the biggest wealth loss worldwide, according to a survey by Capgemini and Merrill Lynch & Co.
The global slump in property and equity markets last year cut the number of millionaires by 15% to 8.6 million, wiping out two years of increases, the firms said in their 13th annual World Wealth Report.
The value of the world’s millionaires’ assets slid 20% to $32.8 trillion, after a 9.4% increase the previous year, the survey said.
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