There are officially more high net worth individuals in Asia-Pacific than in North America, according to a new wealth report from Capgemini and RBC Wealth Management.
According to the report, as of 2011, there are 3.37 million such people — defined as anyone with $1 million or more available to invest, excluding personal assets and property — in the Asia-Pacific region. There were just 3.35 million such individuals in North America.
Even so, the growth of the world's millionaire population overall tapered off last year, growing just .8% in 2011, compared to 8.3% growth in 2010 and 17.1% growth in 2011. And millionaires' aggregate investable wealth, as defined by asset values, actually dropped 1.7% in 2011, the second such drop in four years, the report said.
India and Hong Kong experienced the biggest drops in their millionaire populations. In India, which suffered a slip in its equity-market capitalization and currency due to political turbulence, the number of high net worth individuals dropped 18%. And In Hong Kong, the number of high net worth individuals dropped 17.4% due to Eurozone concerns.
These charts from the report (reprinted with permission) show how the world's millionaire population and wealth distribution have changed.
The world's millionaire population grew 8.3% in 2010, but only .8% in 2011.
Millionaires' aggregate investable wealth declined 1.7% in 2011. It was the second drop in the last four years.
The US, Japan and Germany accounted for 53.3% of the world's millionaire population in 2011. It has eroded gradually as millionaire populations in emerging and developing markets have grown.
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