* Millionaire wealth in region up 18.1 pct since 2007
* Four-year growth pattern beats all world regions
By Kevin Gray
MIAMI, June 22 Millionaires in Latin America fared better
than their compatriots in other regions during the global recession.
A combination of a conservative investing streak and Latin America's
brisk recovery helped millionaires in the region minimize losses in the
last four years, according to the latest annual Merrill Lynch-Capgemini
World Wealth Report.
Their combined wealth rose 18.1 percent from 2007 to 2010, beating the
14.1 percent pace of Asia-Pacific millionaires, the second-highest
North American rich people saw their asset values fall 0.8 percent
during the four-year period, while European millionaires suffered a
shrinkage of 4.4 percent.
Asia surpasses Europe in millionaires, wealth [ID:nN1E75K0IY]
Millionaires still fearful for their wealth-report [ID:nLDE75K0RO]
Latin America has demonstrated "its resilience and its ability to grow
consistently," said Capgemini Financial Services' David Wilson, an author
of the report.
The region, to be sure, has large pockets of poverty and fewer
millionaires than many other areas. Fewer than half a million people in
Latin America have investable assets of $1 million or more, the report
North America has the most wealthy, with 3.4 million millionaires.
Major U.S. and global banks have not ignored Latin American wealth.
The study found the ranks of wealth management advisers in the region
surging as local economies quickly returned to growth after the global
Brazil and Mexico are home to the largest concentrations of money.
More than 40 percent of Latin America's millionaires are in Brazil,
according to British lender Standard Chartered Plc (STAN.L).
(Reporting by Kevin Gray; Editing by Jed Horowitz)