The Asia-Pacific region is on its way to having the world’s highest concentration of high net worth individuals (HNWIs), according to RBC Wealth Management data released September 25.
North America is currently the leader, with a total of 3.73 million HNWIs, which are defined as people who have investable assets of US$1 million or higher, excluding primary residence, collectibles and consumables. But the population and wealth of HNWIs in Asia-Pacific increased at rates that were between double and triple those in the rest of the world over the same period.
In five years, the number of HNWIs in Asia-Pacific expanded by 9.4% to 3.68 million. Their wealth grew by 12.2% to US$12 trillion. The report states that the wealth of Asia-Pacific HNWIs is projected to grow by 9.8% annually to reach an anticipated US$15.9 trillion by 2015.
“The Asia-Pacific market is clearly one to watch,” said M. George Lewis, group head, RBC Wealth Management & RBC Insurance. “Its leadership in global high net worth wealth growth positions is to become the largest wealth market by population as early as 2014.
“Asia-Pacific’s robust growth in 2012 builds on over five years of consistent outperformance.”
