The Rich Return

Rich people are back at pre-credit crunch levels. There are now 10 million people in the world worth more than $ 1m (£680,000). In Britain, the number of people in this category rose 42% last year.The new annual world wealth report, by Merrill Lynch and Cagemini, recorded a 17% rise in the number of high net-worth individuals in 2009, compared with 2008.Ultra high net-worth individuals – those with more than $ 30m – enjoyed a 21% rise in their wealth, virtually reversing the 24% loss in 2008.

The top Paris hotels have long regarded themselves as a leading indicator of the financial health of the world's estimated 10 million millionaires.The seven top hotels in Paris – the "magnificent seven" – have been virtually fully booked since the beginning of July at an average room rate of more than €900 a night.
"Things could hardly be better," said Didier Le Calvez, director general of the Bristol, the Parisian hotel of choice for Middle Eastern princes and Hollywood film stars.The Hotel George V is also chock full with wealthy Russians, Brazilians, Indians and Middle Eastern minor royalty. The hotel's director, Marc-Oliver Raffray, says that all 60 suites – at prices ranging from €13,000 to €3,000 a night – have been booked for the whole summer. The five other five-star hotels in Paris – the Ritz, Crillon, Meurice, Plaza-Athénée and Fouquet's Barrière – report more than 90 per cent occupancy from all over the world.

"Now the economy seems to be booming in Brazil and Asia," said Mr Calvez at the Bristol. "We are also getting lots of American and Australian dollars. Middle Eastern clients are back. It is a special moment when all our markets are buzzing at once."