The richest also suffer as numbers fall in 2011
Source: Agencies |
June 20, 2012, Wednesday
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Print Edition
Print Edition
WEAKENING economies that shook markets last year also took their toll on the world's rich, while Asia for the first time had more millionaires than North America, according to a study released yesterday.
It said the global personal wealth of people with US$1 million and more to invest fell in 2011 for the second time in four years, reflecting the eurozone crisis and economic sluggishness in developed markets.
But several emerging markets also felt pain, as the number of millionaires in India and Hong Kong fell by almost a fifth.
With Europe's debt crisis still in full throttle, the outlook for wealth creation in 2012 remains dim, according to Capgemini and RBC Wealth Management's latest world wealth report.
The world's population of millionaires grew by 0.8 percent to a record 11 million, according to the report, yet their collective wealth fell by 1.7 percent to US$42 trillion.
It was the first global drop in millionaire wealth since the 2008 financial crisis, when the ranks of the wealthy fell by 15 percent and their wealth contracted by 20 percent.
China's population of those with at least US$1 million to invest rose by 5.2 percent to 562,400 last year.
Strong economic growth in China and other markets increased the ranks of millionaires across the Asia-Pacific by 1.6 percent to 3.37 million.
Millionaire wealth in the United States and Canada fell 2.3 percent to US$11.4 trillion? still the wealthiest region by this measure - though it had 1.1 percent fewer millionaires, slipping by about 39,000 to a total of 3.35 million.
It said the global personal wealth of people with US$1 million and more to invest fell in 2011 for the second time in four years, reflecting the eurozone crisis and economic sluggishness in developed markets.
But several emerging markets also felt pain, as the number of millionaires in India and Hong Kong fell by almost a fifth.
With Europe's debt crisis still in full throttle, the outlook for wealth creation in 2012 remains dim, according to Capgemini and RBC Wealth Management's latest world wealth report.
The world's population of millionaires grew by 0.8 percent to a record 11 million, according to the report, yet their collective wealth fell by 1.7 percent to US$42 trillion.
It was the first global drop in millionaire wealth since the 2008 financial crisis, when the ranks of the wealthy fell by 15 percent and their wealth contracted by 20 percent.
China's population of those with at least US$1 million to invest rose by 5.2 percent to 562,400 last year.
Strong economic growth in China and other markets increased the ranks of millionaires across the Asia-Pacific by 1.6 percent to 3.37 million.
Millionaire wealth in the United States and Canada fell 2.3 percent to US$11.4 trillion? still the wealthiest region by this measure - though it had 1.1 percent fewer millionaires, slipping by about 39,000 to a total of 3.35 million.
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