TIME Economy

Asia Now Has More Millionaires Than the U.S.

HONG KONG-ECONOMY-PROPERTY
Alex Ogle—‚AFP/Getty Images This long exposure picture shows apartment buildings and office blocks clustered tightly together in Hong Kong's Kowloon district, with the famous skyline of Hong Kong island in the background, on October 28, 2013.

The one percent are eastward bound

The population of newly minted millionaires across Asian-Pacific nations has swelled to 4.69 million, bringing the grand total a hair above North America’s millionaires club, according to a new survey of the world’s high net worth individuals.

Capgemini and RBC Wealth Management surveyors estimate that the global economy produced 920,000 newly minted millionaires last year, who they define as anyone with investable assets exceeding $1 million in value. Asia-Pacific led the world with 8.5% growth in the population of millionaires, followed by North America’s 8.3%.

While the cumulative wealth of North America’s millionaires still led the world with $16.23 trillion in holdings, the study estimates that Asian-Pacific millionaires will hold a greater sum by the end of this year.

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