Asian millionaires now outnumber U.S. millionaires for the first time

Published On: Sunday, January 6, 2013 5:45 AM
By: Shifra Unger
Rich Asia millionaires
Asia-Pacific millionaires surpassed those of North America for the first time as the most rich people of the world, there was a decline in their fortunes however, according to a report by Capgemini SA (CAP) and RBC Wealth Management.

The number of people in Asia Pacific with at least $1 million in investable assets rose 1.6 percent to 3.37 million, helped by an increase in rich people in China, Japan, Thailand, Malaysia and Indonesia, according to the World Wealth Report released today. The so-called high net worth individuals in North America fell 1.1 percent to 3.35 million.

"Despite the worldwide crisis in the euro zone has affected the markets in general and the level of
 investor uncertainty within the Asia-Pacific region has seen the strength in their national economies influence their performance to from an economic standpoint, "Gay Mitchell, vice president of RBC Wealth Management, said in an interview in Toronto. "As such, there has been an increase in population of high net worth individuals."

The population of millionaires worldwide has changed little and stands at 11 million, according to the report. Their wealth was reduced by 1.7 percent to $42 billion in assets last year, the first decline since 2008 as the crisis in the euro area sovereign debt and lack of economic growth in the U.S..


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