WEST PALM BEACH, FL (HEDGECO.NET) – According to a study released on tuesday by Merrill Lynch & Co. regarding the soaring number of millionaires; experts at the financial services firm concludethat the higher wealth accumulation in 2005 reflected more aggressive investing, the report said.<\/p>\n
Recently the secretive world of hedge fund finances has opened it\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s doors to more alternative investment strategies. The super rich have had more access to, and now been investing more heavily in the highly volatile world of hedge funds and long-short investments. Millionaires also have access to \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cselect pockets\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d of high-growth investments in Asia, Latin America and the Mideast. <\/p>\n
This, as well as strong global economic growth and solid market performance has increased millionaires holdings of stock to 31 percent of their portfolios in 2005, up from 30 percent the year before, and of alternative investments such as hedge funds and commodities to 22 percent in 2005, up from 20 percent in 2004. They slightly reduced holdings of real estate and cash, while fixed income investments were unchanged at 21 percent. <\/p>\n
The number of global millionaires rose by more than half a million people last year to 8.7 million, according to the report. \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cEconomic growth and market capitalization were the two main drivers of wealth creation,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d Robert J. McCann, executive vice president of Merrill Lynch, told a news conference in New York. <\/p>\n
Alex Akesson
Contributing Writer
HedgeCo.Net
Email: Editor@hedgeco.net <\/p>\n
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