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25 Jun, 2009 06:30

Russia’s ultra rich take hammering with their global peers

The wealth of the world's rich and ultra-rich population has dropped by 20 % to $33 trillion.

The Merrill Lynch annual World's Wealth report says the number of high net-worth individuals has fallen below the level of 2005.

To be regarded as rich by Merrill Lynch, you have to have $1 million dollars of investable assets, and the ultra-rich are those with over $30 million at hand.

Russia's rich are among those who have been hit the hardest, according to Jean-Marie Deluermoz from Merrill Lynch International.

“The most significant high net worth individuals declines occurred in the three largest regions, which are North America, Europe and Asia Pacific. The sharpest declines in high net worth individuals was in India, Hong Kong and Russia.”