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Asia Pacific will have richest millionaires in 2016
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ASIA Pacific millionaires are set to become the world’s richest next year, a report said yesterday, driven largely by wealthy individuals in China and India.
The combined wealth of Asia Pacific’s super rich will surpass its 2014 total of US$15.8 trillion and overtake that of their North American counterparts — currently the world’s richest with a shared wealth of US$16.2 trillion last year, the study said.
The research by computer services consultancy Capgemini and RBC Wealth Management said the Asia Pacific region already had the largest number of high net worth individuals (HNWIs), with 4.69 million in 2014 against 4.68 million in North America.
HNWIs are those with investible money of at least US$1 million apart from the value of their homes.
“Looking further ahead, HNWI wealth is expected to expand more in Asia Pacific than in any other region of the world with much of the new wealth expected to come from the emerging economies of China, India, Indonesia and Thailand,” the firms’ Asia-Pacific Wealth Report 2015 said.
“China and India, in particular, have propelled Asia Pacific HNWI wealth growth in recent years and are expected to continue to act as key drivers both in the region and globally.”
China and India represent nearly 10 percent of global HNWI wealth, and accounted for 17 percent of the worldwide increase in new wealth since 2006, the report said.
China had 890,000 millionaires with a total wealth of US$4.5 trillion in 2014, up 17.5 percent and 19.3 percent, respectively, from a year earlier.
Globally, India recorded the fastest pace of growth in the number of millionaires — 26.3 percent to 198,000 — while total wealth surged 28.2 percent to US$785 billion.
The “Asia Pacific continues its tremendous run in wealth creation and doesn’t appear to be slowing down anytime soon,” said Barend Janssens, Asia head at RBC Wealth Management.
Despite recent economic issues, he said, the region is expected to lead global growth.
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