Hong Kong and India lead in growth of weathy population
According to the World Wealth Report 2013, released by Capgemini and RBC Wealth Management, the investable wealth of the world’s high net worth individuals (HNWIs) rebounded in 2012, growing by 10 per cent to reach a record high of $46.2 trillion, after declining 1.7 per cent in 2011. As many as one million individuals joined the global HNWI population, which reached 12 million, reflecting an increase of 9.2 per cent.
In 2012 North America’s population of 3.73 million HNWIs surpassed the Asia-Pacific’s 3.68 million, while its HNWI wealth reached $12.7 trillion, above the $12.0 trillion in the Asia-Pacific. However, in terms of the overall wealth growth rate, the Asia-Pacific actually had a higher rate at 12.2 per cent, compared to North America’s 11.7 per cent.
Among the Asia Pacific countries, Hong Kong experienced a 35.7 per cent increase in its HNWIs population, followed by India, with 22.2 per cent growth. The growth in number of HNWIs in India was attributed to positive trends in equity market capitalisation, gross national income, consumption and real estate.
According to the report, global HNWI wealth is forecast to grow by 6.5 per cent annually over the next three years with the Asia—Pacific region projected to grow at one and a half times the global average at 9.8 per cent and is expected to lead global growth. Meanwhile, according to the report, art market continued its recovery with strong growth in emerging markets especially China, Brazil and UAE.