The ultra rich—those who hold more than $30 million each—have increased their assets by 8.5% to $33.3 trillion in 2005 from $30.7 trillion in 2004, Merrill Lynch and Capgemini said in their 2006 World Wealth Report (WWR). The Middle Eastern share of high net-wealth individuals (HNWI) in 2005 amounted to $1.2 trillion, representing the strongest growth rate by region with 19.7% when compared with $1.0 trillion in 2004. Africa and Latin America followed with growth rates of 14.5% and 11.8%. Compared with $800 million combined HNWI assets in 2003 in the region, the wealth of the Middle Eastern rich increased by half in just two years. In terms of individuals, the HNWI count for the Middle East increased by 9.8%—more than the global increase rate of 6.5% in 2004-2005—but remained in the range of 300,000 to 400,000 individuals. Rising oil prices a factor The WWR attributed the Middle East’s strong
