The rich got richer faster in the Asia-Pacific region last year than any place in the world, according to a Cap Gemini SA and Royal Bank of Canada report.
People in the region with at least $1 million in investable assets grew their wealth in 2014 by 11 percent to $15.8 trillion, surpassing North America’s 9 percent and Europe’s 4.6 percent, according to the June 17 study by Cap Gemini and RBC’s wealth-management unit. India and China posted the fastest growth thanks to their economic expansion and stock-market rallies, the report showed.
The Asia-Pacific region is now home to 4.69 million people with wealth of at least $1 million, surpassing North America’s
4.68 million, the report showed. Growth in the two regions were key drivers for global wealth that the study estimated at $56.4 trillion, or roughly three times the size of the U.S. economy.
“While the two have traded places before, Asia-Pacific is expected to retain and extend its leadership position,” Cap Gemini and RBC said.
At the current rate of growth, the combined net worth of wealthy individuals in the Asia-Pacific region will top the global list before 2015 ends, the firms said. Rich individuals in North America had $15.8 trillion of assets as of 2014, while those in Europe had $13 trillion, according to the report.
Wealth in India grew 28 percent last year, followed by China’s 19 percent, the study showed.