Asia’s wealthy overtake Europe
Asia’s wealthy overtake Europe
Millionaires in the Asia-Pacific region overtook Europe in terms of population and wealth for the 1st time in Y 2010, underpinned by economic growth in China and India, according to Capgemini SA and Bank of America Corp.
The wealth of 3.3 million high-net worth individuals in Asia Pacific rose 12.1% last year to US$10.8T, exceeding the US$10.2T accumulated by 3.1 million people in Europe, according to the 2011 World Wealth Report.
Global wealth held by people with at least US$1M of investable assets rose 9.7% to US$42.7T.Stock- market returns and increases in the value of real estate in the region were major contributors.
Markets rebounded following the financial crisis, with Global equity market capitalization rising 18% in Y 2010, the report said. The MSCI AC World Index, which tracks Global stocks in developed and emerging markets, returned 13% in Y 2010 and the MSCI Asia Pacific Index returned 17%, according to the data.
Africa showed the biggest increase in millionaires by region with growth of 11.1%, while India entered the top 12 country rankings for the 1st time, with 153,000.
The number of millionaires in China grew by 12% to 534,500. China ranked 4th in the number of millionaires, trailing the US, Japan and Germany.
About 53% of the World’s millionaires, or individuals with at least US$1M in investable assets excluding primary residences and collectibles, are found in the US, Japan and Germany, the report showed.
“While over half of the Global high-net-worth individuals still resides in the top 3 countries, the concentration is fragmenting,” said Herbert Hensle, vice president and head of Capgemini’s Swiss office.
The number of millionaires in Switzerland increased by 9.7% last year, supported by the Alpine nation’s strong economy and real-estate market, the report said.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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