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Asian Millionaires Counter Lost Riches in Europe, North America

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Country, Density, Millionaire Households1. Singapore, 17.1%, 188,0002. Qatar, 14.3%, 47,0003. Kuwait, 11.8%, 63,0004. Switzerland, 9.5%, 322,000 5. Hong Kong, 8.8%, 212,0006. U.A.E., 5.0%, 57,0007. U.S., 4.3%, 5,134,0008. Israel, 3.6%, 83,000 9. Taiwan, 3.2%, 246,000 10. Bahrain, 3.2%, 8,000 11. Japan, 2.9%, 1,587,00012. Belgium, 2.9%, 134,00013. Oman, 2.5%, 12,00014. Ireland, 2.2%, 33,00015. Netherlands, 2.1%, 152,000 16. Saudi Arabia, 1.9%, 92,00017. Australia, 1.6%, 132,00018. Denmark, 1.6%, 41,00019. U.K., 1.5%, 411,000 20. Canada, 1.4%, 185,000Data from: Boston Consulting Group and Bloomberg Billionaires

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Country, Density, Millionaire Households1. Singapore, 17.1%, 188,0002. Qatar, 14.3%, 47,0003. Kuwait, 11.8%, 63,0004. Switzerland, 9.5%, 322,000 5. Hong Kong, 8.8%, 212,0006. U.A.E., 5.0%, 57,0007. U.S., 4.3%, 5,134,0008. Israel, 3.6%, 83,000 9. Taiwan, 3.2%, 246,000 10. Bahrain, 3.2%, 8,000 11. Japan, 2.9%, 1,587,00012. Belgium, 2.9%, 134,00013. Oman, 2.5%, 12,00014. Ireland, 2.2%, 33,00015. Netherlands, 2.1%, 152,000 16. Saudi Arabia, 1.9%, 92,00017. Australia, 1.6%, 132,00018. Denmark, 1.6%, 41,00019. U.K., 1.5%, 411,000 20. Canada, 1.4%, 185,000Data from: Boston Consulting Group and Bloomberg Billionaires Close

Country, Density, Millionaire Households1. Singapore, 17.1%, 188,0002. Qatar, 14.3%, 47,0003. Kuwait, 11.8%, 63,0004.... Read More

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Population: 4.8 millionPercentage of millionaire households: 17.1%The small city-state of Singapore counts the highest number of millionaire households relative to its population: 188,000, or 17.1 percent. Singapore has long been the place of business in East Asia for the financial-services industry and is one of the largest centers for offshore banking. One of its wealthiest inhabitants, 30-year-old Facebook co-founder Eduardo Saverin, gained notoriety this month, when, prior to the social network's public offering on the Nasdaq, it was publicized that he had renounced his U.S. citizenship last year.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 4.8 millionPercentage of millionaire households: 17.1%The small city-state of Singapore counts the... Read More

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Population: 1.9 millionPercentage of millionaire households: 14.3%Qatar has the world's third-largest natural gas reserves and will host soccer's FIFA World Cup in 2022. It also counts about 47,000 millionaire households among its inhabitants. Oil and gas exports account for more than 50 percent of GDP and help to provide the Gulf state with the highest per-capita income after Liechtenstein. The Qatari ruler, Sheikh Hamad bin Khalifa al Thani, is also its richest inhabitant.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 1.9 millionPercentage of millionaire households: 14.3%Qatar has the world's third-largest natural gas... Read More

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Population: 3.6 millionPercentage of millionaire households: 11.8%Kuwait owns about 7 percent of world oil reserves, and oil exports account for about 95 percent of export revenue. The government announced in 2010 that it would spend $130 billion in the next five years to move the economy away from oil dependency and diversify its private sector. Kuwait has about 63,000 millionaire households, with the Alghanim and al Kharafi families being the country's richest.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 3.6 millionPercentage of millionaire households: 11.8%Kuwait owns about 7 percent of world oil reserves,... Read More

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Population: 7.7 millionPercentage of millionaire households: 9.5%Besides being home to 322,000 millionaire households, Switzerland also boasts the highest proportion of ultra-high-net-worth families in the world: 11 households per 100,000 have more than $100 million in private financial wealth. The euro debt crisis is affecting the Alpine nation: Its GDP growth slowed to 2.1 percent in 2011. It also faces pressure from the European Union and the U.S. to reform its banking secrecy laws. Switzerland's, and Europe's, richest person is Ingvar Kamprad, the Swedish founder of Ikea, the world's largest furniture retailer.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 7.7 millionPercentage of millionaire households: 9.5%Besides being home to 322,000 millionaire... Read More

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Population: 7.2 millionPercentage of millionaire households: 8.8%Hong Kong is home to the largest number of billionaires and to about 212,000 millionaire households. The former British colony is, together with Singapore, East Asia's international hub for finance, trade, real estate and transportation. Hong Kong's economic growth slowed to 5 percent in 2011, with inflation rising by 5.3 percent. Hong Kong's, and Asia's, wealthiest man is Li Ka-Shing, who oversees the diversified conglomerate Hutchison Whampoa and real estate company Cheung Kong Holdings.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 7.2 millionPercentage of millionaire households: 8.8%Hong Kong is home to the largest number of... Read More

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Population: 322.4 millionPercentage of millionaire households: 5.0%Of the seven members of the Gulf state, no emirate was hit harder by the global financial turmoil than Dubai, the financial and transport hub of the Middle East. Dubai was on the brink of default in 2009 due to heavy exposure to the imploding real estate market. The emirate survived solely through central bank intervention. The seven emirates count about 57,000 millionaire households, the majority of millionaires being Western expats based in Abu Dhabi or Dubai. The richest inhabitants are members of the al Ghurair family, who, through their namesake group, hold stakes in banking, malls and manufacturing.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 322.4 millionPercentage of millionaire households: 5.0%Of the seven members of the Gulf state, no emirate... Read More

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Population: 322.4 million Percentage of millionaire households: 4.3%The U.S., with the largest economy in the world, counted the largest number of millionaire households in 2011: 5.13 million, down about 129,000 from 2010. In 2011, the country, which has about 15 individuals ranked on the Bloomberg Billionaires Index, nearly defaulted on its government debt, saw a downgrade of its credit rating and was affected by the fallout of the euro debt crisis. America's richest man is Bill Gates, co-founder of Microsoft, with a fortune of about $60 billion.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 322.4 million Percentage of millionaire households: 4.3%The U.S., with the largest economy in the world,... Read More

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Population: 7.8 millionPercentage of millionaire households: 3.6%Israel's booming technology business is fueling the livelihood of the country's 83,000 millionaire households. Other key export items include diamonds and agricultural products. The wealthiest Israelis are the Ofer brothers, Idan and Eyal, who inherited their father's shipping fortune and art collection following Samy Ofer's death in June 2011.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 7.8 millionPercentage of millionaire households: 3.6%Israel's booming technology business is fueling the... Read More

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Population: 23.2 million Percentage of millionaire households: 3.2%Taiwan counted 246,000 millionaire households in 2011. The island, whose economy relies heavily on the export of electronics, machinery and petrochemicals, has largely recovered from the recession and saw its GDP rise by 5.2 percent in 2011. The richest Taiwanese is Tsai Wan-Tsai, who owns publicly listed Fubon Financial Holding.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 23.2 million Percentage of millionaire households: 3.2%Taiwan counted 246,000 millionaire households in... Read More

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Population: 1.3 million Percentage of millionaire households: 3.2%Bahrain, an island kingdom in the Persian Gulf, became a center of global attention after the 2011 Arab Spring sparked riots and repression in the oil-rich state. The protests underlined tension between Bahrain's Shiite majority and wealthier Sunni governing elite. Bahrain has 8,000 millionaire households. Its diversified economy, which for "only" 60 percent on oil exports, further includes aluminum, finance and construction. The country's richest inhabitants are the royal family, headed by King Hamad bin Isa al Khalifa.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 1.3 million Percentage of millionaire households: 3.2%Bahrain, an island kingdom in the Persian Gulf,... Read More

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Population: 125.2 millionPercentage of millionaire households: 2.9%As Japan is slowly recovering from the nuclear fallout following the March 2011 earthquake, the country saw its number of millionaire households decline to 1,587,000 last year. Better news on the country's economy this year: Japan's gross domestic product expanded faster than estimated in the first quarter of 2012, rising 4.1 percent. Japan's richest man is Tadashi Yanai. The founder of clothing retailer Uniqlo is worth more than $11 billion, according to data compiled by Bloomberg.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 125.2 millionPercentage of millionaire households: 2.9%As Japan is slowly recovering from the nuclear... Read More

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Population: 10.4 millionPercentage of millionaire households: 2.9%2011 was the year that Belgium, after 541 days of negotiations, finally got a new government. Despite the prolonged political impasse and the ongoing euro debt crisis, the country still counts about 134,000 millionaire households among its inhabitants. Belgium's richest man is Albert Frere, owner of closely held conglomerate Compagnie Nationale a Portefeuille, whose diversified holdings stretch from oil to media.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 10.4 millionPercentage of millionaire households: 2.9%2011 was the year that Belgium, after 541 days of... Read More

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Population: 2.8 millionPercentage of millionaire households: 2.5%The sultanate of Oman, the 24th-largest oil-exporting nation in the world, counted about 12,000 millionaire households among its inhabitants in 2011. With declining oil reserves and a rapidly growing labor force, the question is whether the Persian Gulf state will be able to keep its number of millionaire families growing. The monarch of Oman, Qaboos bin Said al Said, and his family are believed to be the nation's richest individuals.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 2.8 millionPercentage of millionaire households: 2.5%The sultanate of Oman, the 24th-largest... Read More

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Population: 4.8 millionPercentage of millionaire households: 2.2%Ireland may be the land of Guinness beer but its wealthiest inhabitant is mobile phone mogul Denis O'Brien. After four years of severe austerity measures, Ireland's economy is slowly coming back on track. Despite the economic carnage and an unemployment rate that remains above 14 percent, Ireland still has more millionaires per capita than any other country in Europe except Belgium. The country's millionaire households numbered about 33,000.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 4.8 millionPercentage of millionaire households: 2.2%Ireland may be the land of Guinness beer but its... Read More

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Population: 16.7 millionPercentage of millionaire households: 2.1%The fortunes of the richest Dutch families are not too affected by the turmoil of the debt crisis ravaging the euro zone's economy. Although the country dipped back into a recession, and its economy shrank by 0.7 percent in the fourth quarter of 2011, it still boasted about 152,000 millionaire households last year. Its considerable trade surplus and central role as Europe's transportation hub make a strong economy and keep the millionaires afloat. The richest person of Dutch descent, according to the is beer heiress Charlene de Carvalho-Heineken, who oversees a fortune of more than $7 billion.Data from: Boston Consulting Group and Bloomberg Billionaires Close

Population: 16.7 millionPercentage of millionaire households: 2.1%The fortunes of the richest Dutch families are not... Read More

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Millionaires of the old world, make way for the new rich. According to a global wealth report just released by the Boston Consulting Group, , the Asia-Pacific region posted the biggest increase in millionaire households. Private wealth in that region (not including Japan) increased by 10.7 percent in 2011 to $23.7 trillion. That countered a wealth decline in Western Europe (due partly to the European debt crisis), where private wealth fell by 0.4 percent to $33.5 trillion. North America's combined fortunes also declined -- by 0.9 percent to $38 trillion. In the slides that follow, you'll find the world's top 15 countries for millionaires, ranked by the proportion of households with a million dollars or more in assets. Close

Millionaires of the old world, make way for the new rich. According to a global wealth report just released by the... Read More

Photographer: Sam Kang Li/Bloomberg

Singapore has 17 millionaire households in every 100 with the Gulf states of Qatar and Kuwait, which were less affected by the Arab Spring than other Middle East oil-producing nations, ranked second and third, according to Damisch. Close

Singapore has 17 millionaire households in every 100 with the Gulf states of Qatar and Kuwait, which were less... Read More

Photographer: Jerome Favre/Bloomberg

Residential and commerical buildings stand in the mid-levels district, bottom, with Victoria Harbour and the Kowloon Peninsula beyond in Hong Kong, China. Hong Kong led the rankings for the percentage of billionaires. Close

Residential and commerical buildings stand in the mid-levels district, bottom, with Victoria Harbour and the Kowloon... Read More

China, India and Singapore posted the biggest increases in millionaires last year as the Asia-Pacific region countered a decline in wealth in western Europe and the U.S., according to Boston Consulting Group.

Millionaire households in China rose 16 percent to 1.43 million while those in Singapore climbed 14 percent to 188,000 and India saw a 21 percent increase to 162,000, the Boston-based firm said in a report released today. Millionaire households in the U.S. fell by 129,000 to 5.13 million.

Europe’s debt crisis and declining equity markets slowed the increase in global wealth last year with a 1.9 percent gain to $122.8 trillion compared with a 6.8 percent growth rate in 2010, Boston Consulting said. Singapore had the highest proportion of millionaire households while Hong Kong led the rankings for the percentage of billionaires.

“It’s the first significant interruption of growth since the financial crisis,” said Peter Damisch, a partner with Boston Consulting in Zurich. “Emerging markets will play a bigger role in private wealth going forward.”

The Stoxx Europe 600 slid 11 percent last year with industrial and financial-services companies among the biggest decliners. Germany’s Dax Index tumbled 15 percent while the Standard & Poor’s 500 Index was little changed.

Wealth in North America declined 0.9 percent to $38 trillion, while western Europe posted a 0.4 percent drop to $33.5 trillion, the report said.

Asian Driver

Global wealth surged at a compound annual rate of almost 11 percent from 2002 to 2007 before the financial crisis and the indebtedness of developed-market economies slowed growth, according to Boston Consulting data. The firm predicts a growth rate of 4 percent to 5 percent over the next five years, driven by wealth creation in emerging markets.

Asia-Pacific, excluding Japan, saw an 11 percent increase to $23.7 trillion and will maintain that growth rate to surpass private wealth in Europe over the next five years, Boston Consulting predicted. The region may reach $40 trillion by 2016, it said.

Boston Consulting expects private wealth in China and India will increase by 15 percent and 19 percent a year respectively through 2016, with affluent Chinese more than $10 trillion better off by the end of the period.

Wealthy individuals in Latin America saw an increase of almost 11 percent in assets last year, lifted by economic growth in Brazil and Mexico.

Singapore Millions

Singapore has 17 millionaire households in every 100 with the Gulf states of Qatar and Kuwait, which were less affected by the Arab Spring than other Middle East oil-producing nations, ranked second and third, according to Damisch.

Switzerland, which came fourth with 9.5 percent, was top of a ranking for the proportion of households with more than $100 million, according to Boston Consulting’s 12th annual wealth management report, which surveyed 63 markets. The Alpine country had 11 households per 100,000, followed by Singapore with 10 and Austria with eight.

Boston Consulting omitted Saudi Arabia from its ultra- wealthy ranking because it was too difficult to define different households within the royal family network, Damisch said.

Cross-border assets in Switzerland, the biggest offshore center, were unchanged at $2.1 trillion as the repatriation of funds by clients in neighboring European countries was offset by inflows from emerging market customers, the report said. Western European offshore wealth in Swiss banks dropped 2.2 percent while assets in Switzerland and Luxembourg originating in North America “dwindled to an almost negligible amount,” Boston Consulting said.

Offshore Assets

Worldwide investors still increased offshore assets 2.7 percent to $7.8 trillion with Hong Kong and Singapore among the beneficiaries. The two biggest Asian offshore booking centers may surpass Switzerland in terms of size in the next 15 to 20 years, according to the report.

The shift in wealth growth to emerging economies poses a challenge for wealth-management firms based in the U.S. and Europe, according to Damisch. Finding and keeping talent in these developing markets is a “key success factor” and businesses may need to make several years of investment before making a profit, the report said.

“For the ‘old world’ it’s all about revenue and profit protection,” Damisch said. “It’s tempting to run after emerging markets because of the high growth rates, but establishing a profitable business model is not that easy.”

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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