For the first time in modern history, the world's richest from this region are amassing more wealth than the super-rich of North America and Europe.
For the first time, the Asia-Pacific region has unseated North America both for its number of rich people and the total wealth amassed by them.
That’s according to an annual wealth report from consultancy firm Capgemini, which revealed that the ranks of the world’s super-rich (high-net-worth individuals are defined as those with investable assets of at least $1 million excluding their primary residence, art collection, vintage sports cars and other collectibles) grew by about 5 percent in 2015 to hit 15.4 million.
While the number of North America’s HNWIs increased by just 2 percent in 2015 to 4.8 million people with $13.6 trillion in wealth, the Asia-Pacific region’s rank of HNWIs swelled by nearly 10 percent to 5.1 million with $17.4 trillion in wealth. Meanwhile, the super-rich in Europe hold about $13.6 trillion in wealth.
If the growth rates of the last decade continue, HNWIs are projected to amass more than $100 trillion in wealth by 2025, which is nearly triple that of 2006 — with the Asia-Pacific region propelling the trend as it did last year.
“Japan and China drove close to 60 percent of the global HNWI population growth in 2015,” explains MarketWatch.
Japan and China have now joined the United States and Germany as the four wealthiest nations in the world. More than 60 percent of the world’s richest people reside in those four countries.
Where do America’s super-rich reside? The greatest share live in New York, followed by Los Angeles, Washington, D.C., and San Francisco.
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