More millionaires in Asia-Pacific than North America, says study
The Asia-Pacific region has outranked North America for the number of rich people.
Growth in India, China, Indonesia and Thailand means there are more millionaires in the region than in the US and Canada, according to a study released jointly by the consultancy firm Capgemini and RBC Wealth Management, the Guardian reported.
“Asia-Pacific continues its tremendous run in wealth creation and doesn’t appear to be slowing down anytime soon,” said Barend Janssens, head of RBC Wealth Management Asia. “Despite some recent economic issues, the region’s wealth is expected to lead global growth.”
The yearly report counts the number of “high net worth individuals”, defined as those having investable assets of US$1m or more, excluding their primary residence. It found that there are 4.69 million HNWIs in Asia-Pacific, just sliding past North America which has 4.68 million.
The region also outranked North America in 2011 for the number of HNWIs but dropped down again the year after.