The number of dollar millionaires in the Asia Pacific region has risen by nearly a third since 2007, far outpacing growth in the rest of the world, says a survey.
At current growth rates, there will be more millionaires – defined as individuals with at least $1 million (€0.7 million) in investable wealth – in the Asia Pacific region than in North America by 2014.
The survey by consultancy Capgemini and RBC Wealth Management found the number of Asian millionaires had risen to 3.68 million in 2012 and their combined wealth had reached $12 trillion.
“The Asia Pacific market is clearly one to watch,” says M. George Lewis, group head, RBC Wealth Management & RBC Insurance. “The region’s high-net-worth population and wealth has increased by 31% and 27%, respectively, since 2007, far outpacing growth in the rest of the world of 14% and 9%.”
There were 643,000 millionaires in China in 2012, an increase of more than 14% compared with the previous year, making this the biggest Asia Pacific market. Together, Chinese millionaires have more than $3 trillion, a quarter of the total for the region.
North America had slightly more millionaires, 3.73 million, than the Asia Pacific region in 2012.
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