- POSTED: 25 Sep 2013 15:54
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The Asia-Pacific region is expected to overtake Europe and the US to have the world's largest high net worth population as early as 2014, according to a report by Capgemini and RBC Wealth Management.
SINGAPORE: The Asia-Pacific region is expected to overtake Europe and the US to have the world's largest high net worth population as early as 2014, according to a report by Capgemini and RBC Wealth Management.
The number of individuals in Asia-Pacific with at least US$1 million in investable assets jumped 9.4 per cent to 3.68 million in 2012 -- just behind North America. And their wealth grew 12.2 per cent to reach US$12 trillion -- pushing global high net worth wealth to a record high.
According to the Asia-Pacific Wealth Report 2013, 45.4 per cent of the world's high net worth wealth growth has come from Asia-Pacific over the last five years (2007-2012).
Hong Kong and India saw the most significant gains in growth in the population of high net worth individuals and their wealth in 2012. Hong Kong's HNWI population grew by 35.7 per cent and their wealth by 37.2 per cent, while India's population grew by 22.2 per cent and their wealth by 23.4 per cent.
Meanwhile, Singapore's wealthy saw their population expand by 10.3 per cent and their wealth climb 11.5 per cent in 2012.
Singapore's rich proved to be slightly more overweight in higher-risk asset classes compared to their counterparts in Hong Kong.
In the first quarter of 2013, they put more than 60 per cent of their wealth in real estate (25.5 per cent), equities (27.3 per cent) and alternate investments (11.1 per cent). The rest of their assets were allocated towards safer cash and deposit products (22.6 per cent) and fixed income (13.6 per cent).