The number of millionaires in the Asia-Pacific region has surpassed the number in the United States and Canada thanks to the increasing number of wealthy citizens in China, India, Indonesia, and Thailand.

This new information comes from a study by Capgemini Financial Services, the Royal Bank of Canada, and RBC Wealth Management. The report points out that wealthy Asians tend to retain more assets in cash compared to those in North America, and also tend to borrow more money.

China’s economic prosperity has helped make way for the rise of the wealthy in Asia. The number of high-net worth individuals in the Asia-Pacific region (with total assets and investments worth more than $1 million) increased by 11.4% to 467.2 million.

The United States and Canada had 6,400 fewer high-net worth individuals than the Asia-Pacific region.

However, North America’s wealthy are still richer overall than those in the Asia-Pacific region. Globally, high-net individuals hold $56.4 trillion. 28.8% of this is owned by North American millionaires and billionaires, while 28.1% is owned by the wealthy of the Asia-Pacific region. 23% is owned by European high-net individuals.

Source: inews.qq.com

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Keywords: Asia-Pacific millionaires North America wealth Asia-Pacific wealth