Combined Wealth of World's Wealthiest Grows 11%

According to a report released Wednesday, the combined wealth of the globe's richest individuals rose more than 11% to a grand total of $37.2 trillion last year. The rise marks the first double-digit increase in seven years.

Thanks to a strong global economy, 9.5 million people held at least $1 million in financial assets in 2006, up from 8.7 million in 2005, according to the 11th annual World Wealth Report compiled by Merrill Lynch & Co. and the consulting firm Capgemini Group.

Those accumulated trillions give these individuals control of about a quarter of the world's total wealth, or nearly three times the America's gross domestic product.

Topping the list in both in the number of wealthy individuals and the sum of their accumulated assets was America, the report found. Japan ranked second.