Asia's millionaires overtake Europe, report says

10:01, June 24, 2011      

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Asia's millionaires overtook Europe for the first time in 2010, driven by Hong Kong's super-rich population, a report released on Thursday said here in Hong Kong.

The Asia-Pacific region recorded 3.3 million people last year worth at least 1 million U.S. dollars, up 10 percent from 2009 and fast closing to the 3.4 million in the North America, which ranked the first.

The annual report by the Bank of America Merrill Lynch and consultancy Capgemini study the people called High Net Worth Individuals (HNWIs), who has 1 million U.S. dollars or more investable assets, excluding their homes, cars and other fixed assets.

Asia's growth was led by the millionaires in Hong Kong, which grew the most in the world by 33. 3 percent to 101,300, benefiting from a healthy economy as well as the gains in the equity and real estate markets, the report said.

Asia's combined wealth rose 12.1 percent to 10.8 trillion U.S. dollars, surpassing that in Europe for the second time in a row, and is within reach of the 11.6 trillion U.S. dollars in the United States, according to the report.

In addition, the number and wealth of the world's HNWIs in total both jumped above the pre-financial crisis level, with the rich people rising 8.3 percent to 10.9 million and their wealth rising 9.7 percent to 42.7 trillion U.S. dollars.

The United States, Japan and Germany still accounted for the top three places in the HNWIs market, taking over half of the world's 10.9 million wealthy people, with China ranking the fourth.

Source:Xinhua
 
 
     
 
 
 
     
 
 
 
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