Asian millionaires now control more wealth than their peers in North America, Europe and other regions, according to a new World Wealth Report.
Millionaires in Asia saw their wealth jump by 9.9 per cent in 2015, according to finance firm’s Capgemini latest report.
Wealth in Asia is driven mainly by the financial services, high tech and health care industries, ‘a more entrepreneurial source of wealth’BILL SULLIVAN
The UK had the fifth highest number of high net worth individuals, although it only increased 1 per cent to 553,000.
UK millionaires’ wealth also increased at a moderate rate of 5.7 per cent – lower than the global average of 7.2 per cent –to £1.3 trillion.
Europe’s growth was steady, with a 4.8 per cent increase led by Spain and the Netherlands.
Meanwhile poor performance in the equity markets in the US and Canada slowed growth in North America to 2.3 per cent last year.
Millionaires held nearly £40 trillion worldwide last year, four times higher than 30 years ago. That could rise to £67 trn by 2025, Capgemini said. Latin American millionaires suffered a decline in net worth of 3.7 per cent, driven by political volatility and a turbulent stock market in Brazil.
Asians’ net worth has soared over the past several years. The total wealth of Asia’s richest residents totaled £11.7 trn in 2015, up from £5.6 trn in 2006. North America’s wealthy have £10.8 trn tucked away, up from £7.5 trn in 2006.
Asia also surpassed North America in terms of the number of millionaires in 2014. And their ranks grew even more last year, soaring 9.4 per cent.
Of the 5.1 million Asian millionaires in 2015, 2.7 million came from Japan and 1 million were from China. There were 4.5 million US millionaires.
China had the fastest growth last year, hitting 16.2 per cent, and is expected to expand even further in coming years.
Wealth in Asia is driven mainly by the financial services, high tech and health care industries.
“It’s a more entrepreneurial source of wealth,” said Bill Sullivan, head of global financial services market intelligence at Capgemini.
North American millionaires, meanwhile, saw their ranks inch up only 2 per cent, while Europe’s climbed 4.8 per cent and Latin America’s fell 2.2 per cent.
Earlier this year, Oxfam found that the richest 1 per cent now have as much wealth as the rest of the world combined.