Asia Pacific Tops North America for Most Millionaires
It’s official: Asia Pacific’s ever-growing network of economies has topped North America and Europe as the region with the largest number of wealthy citizens in the world.
Canadian consulting firm Capgemini and RBC Wealth Management’s annual report, World Wealth, revealed that then number of millionaires residing in the region – in China, Japan, Thailand, Malaysia and Indonesia, specifically – rose 1.6 per cent, bumping the total number of High Net-Worth Individuals (HNWI) to 3.37 million.
By contrast, North America’s wealthy population fell by 1.1 per cent to 3.35 million. Australia is ninth on the list with 180,000 individuals.
According to the report, a ‘HNWI’ is defined as a person with liquid assets worth US$1 million or more. There are currently 11 million worldwide, with most of 2011’s growth focused within the $1-$5 million bracket.
SEE RELATED STORIES FROM THE WDM RETAIL CONTENT NETWORK:
- Asia Pacific: a hot region for international hotel expansion
- Australia Beckons Chinese Tourists in $250M Campaign
- Costco Memberships Soaring in Australia, Asia
“It speaks to what’s happening in the [Asia-Pacific] region: Greater numbers are coming into wealth as their economies grow,” Gay Mitchell, deputy chair of RBC Wealth Management, told The Globe and Mail.
This is the first time in the report’s 16-year history that Asia Pacific has topped the list, which reflects the 4-5 per cent global wealth growth expected to be driven by “wealth creation in emerging markets, especially Asia,” over the next five years, Bloomberg reported.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.