The number of billionaires in Brazil, Russia, India and China has surged by 33 per cent since 2007, defying global turmoil and explaining why wealth managers have sought to break into these markets, according to research firm Wealth Insight.

Overall, the total number of billionaires around the world has increased from 1,100 in 2007 to 1,340 today. While the number of billionaires has increased by a fifth over the course of the financial crisis, their average wealth has fallen, however, by 13 per cent to $3.27 billion and their combined total wealth has increased by 5 per cent to $4.37 trillion.

Despite the decline in the number of European billionaires, the share of European billionaires who have acquired their wealth primarily through finance, real estate and construction - all industries that have fared poorly during the crisis - has remained unchanged, the report said.

The share of European billionaires who have acquired their wealth primarily through retail, luxury and fashion has increased by 2 per cent, it said. 

“We have found it interesting that billionaires who rely on consumer spending have done comparatively well, despite the decreases in discretionary spending among the rest of the population – ‘the 99.999 per cent’,” said Ollie Williams, research manager of Wealth Insight’s HNW Individuals database.

The data highlighted in the report chimes with other surveys, notably the annual Merrill Lynch/Capgemini survey of trends among high net worth and ultra HNW individuals, showing that although the 2008 credit crunch hit growth figures, the overall trend has remained for an expansion in the ranks of the wealthy in recent years.