“It is significant that for the first time this year there are now more high-net-worth individuals in Asia-Pacific than in any other region,” said George Lewis, Group Head of RBC Wealth Management .
While Asia can celebrate its millionaire market share, the world’s wealthy didn’t have much to cheer about last year. The global millionaire population remained flat and their total wealth fell for the first time since the 2008 financial crisis.
The total wealth of the world’s millionaires fell 1.7 percent to $42 trillion.
For those who think that the rich have only gotten richer through the recession, consider this statistic: on an inflation adjusted basis, America’s millionaire population has fallen over the past five years. It has been the lost half-decade for millionaires.
The uber-wealthy have seen the biggest drops. The number of individuals worth $30 million or more fell 2.5 percent globally – compared to a decline of only 1 percent for those worth $5 million to $10 million. The number of people worth $1 million to $5 million actually increased last year globally by 1.1 percent.
The declines are largely driven by stock-market performance and slower GDP growth around the world, according to RBC.Page 2 of 3 | Prev Page | Next Page