Asia becomes home to largest number of millionaires

Asia-Pacific is now home to the most number of high net worth individuals, overtaking North America for the first time, thanks to growth in the number of wealthy in Japan and China.

That’s according to the Asia-Pacific Wealth Report, released by Capgemini and RBC Wealth Management on 19 September, which said the number of people with more than $1 million in investable assets in the region hit 3.37 million last year.

However, North America’s 3.35 million HNW people still accounted for the largest share of wealth at $11.4 trillion, compared with $10.7 trillion in Asia.

The report added that 54% of the rich were based in Japan, making the country home to the largest number of wealthy in Asia, followed by China and Australia.