Asian millionaires are taking over - July 10, 2016

Asian millionaires are taking over

Asia is becoming a more important part of the global economy every day and that started to show in global wealth as well. We have seen new statistics lately describing how Asian wealth is growing but now a new research by Capgemini proved that Asia’s millionaires control more wealth than North Americans do.

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As we can see, Asia’s millionaires worth $17.39 trillion while North America worth “only” $16.61 trillion. As Forbes mentions, “Japan and China were the engines of global HNWI [high net worth individuals controlling assets of $1 million or more] growth”. They also mentioned that the “global HNWI population is also growing, expanding 4 percent between 2014 and 2015 to 15.4 million”.

The takeover of the Asian region is not that surprising. Innovative Securities Blog wrote about the countries with the richest citizens just at the end of last year. Back then, China just took over the lead in the number of billionaires from the US. In 2015, the US had 537 of them while China took the first place with 596 billionaires.

Although the US had more millionaires than the biggest economy of the far-east (15.7 million vs 1.3 million), Chinese growth was extraordinary in many ways. The middle class was growing really fast in the far-east, and China took over the lead in that too: they had 109 million adults versus the States’ 92 million in their middle class respectively.

This new statistic also points out that HNWIs control just under $59 trillion worldwide. At the beginning of this year, we have also wrote about the wealth of the richest people of the world, and there we mentioned that in 2014, it took 80 of the wealthiest to have as much money as the poorest 50%, now it only takes 62 of them.