The world?s richest people saw their wealth rise 7.7 percent to $28.8 trillion in 2003, taking it back to levels before the collapse of the dot-com stock market boom four years ago, a survey found recently.

There were an estimated 7.7 million ?high net worth? individuals in the world at the end of 2003, 500,000 or 7.5 per cent more than in 2002, according to the survey by IT services firm Capgemini and investment bank Merrill Lynch.

Rallying stock markets helped more people get rich in Britain and put the UK in the global top 10 for growth in high net worth individuals ? classed as those with financial assets of at least $1 million excluding home real estate ? the survey revealed.

It found that 383,000 people joined the high net worth bracket in Britain last year, an increase of eight percent. Their combined wealth also rose eight percent, to $1.34 trillion.

Wealth creation varied from country to country, with Asia and North America seeing growth of 10 percent and 13.6 per cent respectively in 2003.

Europe showed a more modest increase, with growth in wealth creation up 3.7 per cent.

In the United States, the ranks of the wealthy increased by 272,000 people to 2.27 million by the end of 2003. In China the number of high net worth individuals rose 12 per cent and in India 22 per cent. The Middle East and Latin America posted more modest increases.

The rich were quick to shift their money back into higher yielding investments, including equities, specialised products and alternative investments, including hedge funds, the survey found.

Jane MERRIMAN