For the first time, America is no longer No. 1 for super-rich
The wealth of high net worth individuals (HNWI) in the Asia-Pacific grew by 10% or almost five times North America's 2% growth for "HNWI" last year, according to a Report released by Capgemini, a global consulting service.
There was a big drop from North America's 9% HNWI growth rate the year before, dragged down by poor performance of U.S. and Canadian equities. The World Wealth Report covers 71 countries, accounting for more than 98% of global gross national income and 99% of world stock market capitalization.
The Asia-Pacific region has 5.1 million HNWIs, compared to North America's 4.8 million, but for the first time has also pulled ahead in terms of wealth. The region has USD 17.4 trillion held by HNWIs versus USD 16.6 trillion in North America and USD 13.6 trillion in Europe.
The global figure is projected to surpass USD 100 trillion by 2025 - nearly triple the amount in 2006 - if the growth rates of the last decade continue, propelled predominantly by Asia-Pacific countries. Japan and China drove close to 60% of the global HNWI population growth in 2015.
HNWIs are defined as those having investable assets of USD 1 million or more, excluding primary residence and other consumer goods.
Furthermore the number of billionaires has also surged in recent years. The Asia-Pacific region had 590 billionaires, the U.S. had more than 540 billionaires and Europe had 489 billionaires, according to the 2016 Forbes Billionaires List.