Number of Peruvian millionaires on the rise

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The amount of Peruvian millionaires continues to increase, according to a new report by Gestión.

In December 2011, there were 1,577 people with deposits that exceeded one million soles, higher than the 1,464 in 2010, according to data from SBS.

The total number of wealth from these 1,577 is over 4.9 billion soles- 16.5 percent higher than in 2010.

"The number of new rich, wealth being generated at all levels, grows much faster than in other parts of the world, something similar to what happens in Asia", said José Goldszmidt, director of BBVA Global Markets for Latin America, to Gestión.

Goldszmidt said this trend was not unique to Peru, adding that it was also seen in other Latin American countries such as Chile, Colombia, and Mexico, driven by sustained GDP growth.

"There is a direct relationship between GDP and wealth.”

"The amount of money being saved in Peru and Latin America, pension funds, mutual funds, family office and banks is very strong. The savings are related to the wealth generated,” Goldszmidt added.

In December 2011, there were 1,577 people with deposits that exceeded one million soles.

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