June 20, 2012
For the first time, the Asia-Pacific is home to more millionaires than North America. However, losses in markets such as Hong Kong and India meant that wealth decreased in Asia-Pacific overall.
The number of millionaires in Asia-Pacific has overtaken North America for the first time, a survey found.
June 20, 2012
For the first time, the Asia-Pacific is home to more millionaires than North America. However, losses in markets such as Hong Kong and India meant that wealth decreased in Asia-Pacific overall.
The number of millionaires in Asia-Pacific has overtaken North America for the first time, a survey found.
Asia-Pacific was in 2011 home to 3.37 million millionaires compared with 3.35 million in North America, according to the annual report by financial services company Capgemini SA, which was released in Paris late Tuesday.
The report found the number of High Net Worth Individuals (HNWI), or people with liquid assets of one million US dollars or more, in Asia-Pacific edged up 1.6 per cent in 2011, compared to a 1.7-per-cent global decline.
The rise was led by China and Japan, which saw the numbers of dollar millionaires’ rise from 535,000 to 562,000, and from 1.739 million to 1.822 million, respectively. The numbers were also up for Thailand, Malaysia and Indonesia, the report said.
"However, losses in key markets such as Hong Kong and India meant that wealth contracted in Asia-Pacific overall," said George Lewis, group head of RBC Wealth Management which partnered Capgemini for this year's report.
North American millionaires declined in numbers by 1.1 per cent, but still had the deepest pockets with a total of 11.4 trillion dollars in assets, compared to 10.1 trillion dollars in Asia-Pacific.
The United States, Japan and Germany remained the top three countries in terms of millionaire numbers, accounting collectively for 53.3 per cent of the global HNWI population.
China was ranked fourth worldwide with 562,000, while Australia ranked ninth with 180,000 and South Korea 13th with 144,000 HNWIs.
Courtesy: FR
