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More Millionaires in Asia than North America: Capgemini Report


06/24/2016


More Millionaires in Asia than North America: Capgemini Report
The millionaires of Asia are clearly now much richer than their North American counterparts.

In the year 2015, there has been a ten percent rise in the wealth of the millionaires of Asia- Pacific region when the combined riches reached a total of $17.4 trillion from their combined value a year earlier. This data was evident in a recently released report by Capgemini's World Wealth Report.

This rise in the wealth of the millionaires from the Asia-Pacific region rising more than those in North
America is a first time in recent history.

Representing a growth in their wealth of just 2.3 percent for 2015 compared to that of 2014, the millionaires of North America had a amassed a combined wealth of $16.6 trillion. When the value of the combined wealth of the millionaires from the two regions are combined, the toital amount accounted for more than half of the world's $58.7 trillion in wealth from high net worth individuals.

Those people and individuals who have more than $1 million in investable assets excluding their primary residence, collectibles, consumables and consumer durables were only considered for the making the list of millionaires by Capgemini.

Wealth of millionaires from China and Japan single handedly accounted for 60 percent of last year's global growth in the number of millionaires and the jump for Asia is largely fueled by this jump in the number in these two countries. Astoundingly, with a growth percentage of 11 percent, Japan alone added 268,000 new millionaires last year to the list of millionaires in the world. Capgemini has forecast that the population of the millionaires would become more than double to reach 11.7 million by 2025 and much of this wealth would be driven by a growth of such wealthy individuals in the Asia Pacific region.

The number of millionaires in Asia increased by 9.4 percent to reach 5.1 million in number in 2015. During the same time the high net worth population increased 2 percent to 4.8 million in North America.

With a total of 4.5 million millionaires, the U.S. still has a commanding lead in the millionaire count when the number is observed country wise. Yet US has had a modest metric growth at 2 percent. With 2.7 million millionaires, Japan ranked second while Germany with 1.2 million ranks third in the list of millionaires in the world. There were 1 million millionaires in China which is the fourth largest number of millionaires in terms of countries.

After rapid increases between 2010 and 2014, growth among the number of millionaires and their net worth is slowing around the world. While the number of millionaires increased 4.9 percent, to 15.4 million, Capgemini said millionaire wealth grew 4 percent in 2015.

Compared to the more than 7 percent growth seen in each metric after 2010, both the rates are slower than the 2010.

And despite this, millionaires are still getting richer. Up from nearly $59 trillion today, they're expected to have more than $100 trillion in wealth in the next 10 years, the report said.

(Source:www.cnbc.com)
 


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