Sometime between now and the end of the year, an important milestone will be reached in Asia which clearly demonstrates the shift of wealth from the West to the East.
The combined wealth of high net worth individuals in Asia will for the first time exceed that of North America.
North America ranks first overall for high net worth wealth at $US16.2 ($AU20.88) trillion compared to Asia-Pacific’s $US15.8 ($AU20.36) trillion and Europe’s $US$13.0 ($AU16.76) trillion.
Asia-Pacific’s wealth growth at 11% leads North America at 9% and Europe’s 4.6%.
And Asia-Pacific already has more high net worth individuals at 4.69 million, and growing at 9% a year, than North America at 4.68 million.
In Australia, there was 3.5% growth of high net worth individuals to 226,400 from 218,700 people with $US1 million of more investable assets.
Globally, strong economic and equity market performance helped create 920,000 new millionaires globally in 2014, as high net worth individuals grew in both number and wealth to 14.6 million and $US56.4 ($AU72.68) trillion.
This reflects an increase of about 7%, or about half the growth rate of the previous year, according to the World Wealth Report 2015 released by Capgemini and RBC Wealth Management.
China and the US drove more than half (52%) of global high net worth population growth.
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