Private wealth in the Asia-Pacific region surpassed that of North America for the first time last year, fueled by stronger economies and real estate markets, according to a Cap Gemini SA report.
Millionaires’ assets in Asia-Pacific countries surged almost 10 percent to $17.4 trillion, outstripping North America’s $16.6 trillion, Cap Gemini said on Thursday. European wealth rose 4.8 percent to $13.6 trillion, while Latin America and Africa declined, the Paris-based consulting firm said. Global wealth advanced 4 percent to $58.7 trillion.
China’s millionaire population rose 16 percent, the biggest increase in the survey. The U.S., Japan and Germany still have more high-net-worth individuals, though, and there are more than four times the number of American millionaires than Chinese ones.
China, the U.S. and India are expected to be the key drivers of growth in high-net-worth individuals’ assets through 2025, by which time millionaires globally will have $106 trillion, according to the report. Wealth in the Asia-Pacific region will climb 142 percent to $42.1 trillion, while the Middle East and Africa will be the two other fastest-growing areas, Cap Gemini said.
Cap Gemini surveyed more than 800 wealth-management companies across 15 major wealth markets to compile its report. A high-net-worth individual is defined as someone with investable assets of $1 million or more, excluding his or her primary residence and certain collectibles and consumer items, according to the company.
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