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The rise of Asia's super rich
Publication Date : 25-09-2013
Asia Pacific's super rich are growing in terms of numbers and worth, far outpacing the rate of increase in the rest of the world.
At this rate,the region is poised to become the world's largest wealth market by as early as 2014, according to a recent wealth report as Japan's economy recovers.
Last year, the number of high net worth individuals (HNWIs) increased 9.4 per cent to a record 3.68 million and wealth shot up 12.2 per cent to US$12 trillion.
These were some of the findings in the Asia-Pacific Wealth Report 2013 by RBC Wealth Management and partner Capgemini released Wednesday.
But Asia Pacific was pipped by North America with the highest number of millionaires, which grew 11.5 per cent to 3.73 million.
But not too long from now, Asia Pacific is expected to claim the top spot with wealth of HNWIs projected to grow at 9.8 per cent a year to a whopping US$15.9 trillion.
"The Asia-Pacific market is clearly one to watch," said M. George Lewis, RBC Wealth Management's group head in the report.
Over the past five years, the region's high net worth population and wealth have climbed 31 per cent and 27 per cent respectively, far higher than growth rates of 14 per cent and 9 per cent in the rest of the world.