Asia Pacific Tops North America for Most Millionaires

By Bizclik Editor

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:

Click here to read the latest issue of  Business Review Australia

 “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.

In China, the luxury market is slated to be worth $27 billion by 2015 and the nation is now the largest market for art, antiques and Bordeaux.

Share

Featured Articles

Welcome to the New Age of the CISO

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

Making the UAE the world’s strongest digital fortress

His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on visionary plans to build the world’s most secure digital society

World Mental Health Day – 10 apps to improve wellbeing

Employers should recognise the growing use of apps to help support mental health – here are 10 to consider on World Mental Health Day

Exec interview: Brook Sims, COO, MAC Diversity Recruiters

Leadership & Strategy

Best new books that will make you a better leader

Leadership & Strategy

5 Mins With: Jeff Li, founder and CEO of Shoplazza

Leadership & Strategy