Asia's Richest People Are Getting Richer.

 

According to a study of High Net Worth Individuals, Asia-Pacific will have more millionaires and billionaires than any other area in the globe as early as next year (HNWI). find property qatar

According to a survey by Capgemini and RBC Wealth Management, the number of Asian HNWIs (those with at least $1 million in investable assets) climbed by 9.4% to 3.68 million in 2012, and their wealth surged by 12.2% to US$12 trillion. According to Asia-Pacific.

With 3.73 million HNWIs, North America now has the largest population, up 11.3 percent from 2012. However, the survey concludes that Asia will soon take over the top rank.

According to M. George Lewis, Group Head, RBC Health Management & RBC Insurance, Asia's "leadership in global high net worth wealth growth prepares it to become the largest wealth market by population as early as 2014."

The population of ultra-HNWIs in Asia-Pacific rose the most among the wealthiest strata, and considerably faster than the rest of the globe. Ultra-HNWIs are defined as those having investable assets of US$30 million or more, excluding primary residence, collectibles, consumables, and consumer durables. In 2012, the number of ultra-high-net-worth individuals increased by 15.4%, while their wealth increased by 9.4%, "substantially" outpacing gains by ultra-high-net-worth individuals in other countries.

Asia's HNWI population and wealth have grown by 31% and 27%, respectively, since 2007, "far surpassing growth in the rest of the globe of 14% and 9%," according to the research.

However, the increase in wealth is not widespread throughout the region. In 2012, the most significant gains were made in Hong Kong and India. Following "sharp falls" in 2011, The number of HNWIs in Hong Kong increased by 35.7 percent, and their wealth increased by 37.2 percent, while the population of HNWIs in India increased by 22.2 percent, and their wealth increased by 23.4 percent.

The two markets with single-digit gains in HNWI population were Japan and Taiwan, however "both nevertheless showed steady growth at 4.4 percent and 7.0 percent, respectively."

Although Japanese HNWI make for more than half of the region's wealthy people, the study frequently separates them from the larger Asia-Pacific research, according to the report.