High net worth individuals defied the adverse economic environment last year by quickly identifying the benefits of small to mid-cap stocks, according to a survey by Cap Gemini Ernst & Young and Merrill Lynch.

Despite the adverse economic environment, the number of high net worth individuals in the UK rose slightly in 2001 to 345,000 and globally the number of people with financial assets of at least $1m (€1.05m) excluding real estate, increased by 200,000.