Asia Has More Millionaires Than North America

by CFO Innovation Asia Staff, 21 June 2012

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Strong economic growth in Asia-Pacific increased the ranks of millionaires across the region by 1.6 percent to a total of 3.37 million, making Asia-Pacific the largest high net worth individuals (HNWI) region for the first time, surpassing North America’s millionaire population of 3.35 million.

North America, however, remained the largest region for HNWI wealth at US$11.4 trillion compared to US$10.7 trillion in the Asia-Pacific region.

The overall financial wealth of millionaires declined across all regions in 2011, with the exception of the Middle East, according to the World Wealth Report 2012, released by Capgemini and its new partner, RBC Wealth Management. The 1.7 percent decline is the first since the 2008 world economic crisis, a year in which HNWI global wealth declined by 19.5 percent.

After witnessing robust growth of 8.3 percent in 2010, global millionaire population grew marginally by 0.8 percent to 11.0 million in 2011. Most of this growth can be attributed to millionaires in the $1-5 million wealth band, which grew 1.1 percent and represents 90 percent of the global millionaire population. In contrast, global HNWI wealth in 2011 fell by 1.7 percent to US$42.0 trillion (compared with 9.7 percent growth to US$42.7 trillion in 2010).

The global population of ultra-millionaires declined by 2.5 percent in 2011 and its wealth declined by 4.9 percent after increasing by 10.2 percent and 11.5 percent respectively in 2010.

The millionaire population country ranking saw South Korea replace India for the 12th position, while the top three countries, U.S., Japan and Germany, retained 53.3 percent of the total share of millionaires, slightly up from 53.1 percent in 2010. Of the top twelve countries by population,

Brazil saw the greatest percentage rise (6.2 percent) in the number of millionaires.

“While more people surpassed the US$1 million disposable income level in 2011, the aggregate wealth of high net worth individuals declined overall, as market volatility took its toll,” says George Lewis, Group Head, RBC Wealth Management.

“It is significant that for the first time this year there are now more high net worth individuals in Asia-Pacific than in any other region. However, losses in key markets such as Hong Kong and India meant that wealth contracted in Asia-Pacific overall.”

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