Asia, not North America, now has most millionaires |
| Reuters - Jun 19, 2012 |
Weakening economies that roiled markets last year also took their toll on the world's rich, th ough faster-growing As ia for the first time had more millionaires than North America, according to a study released on Tuesday.
A new report said the global personal wealth of people with $1 million and more to invest fell in 2011 for the second time in four years, reflecting the euro zone crisis and economic sluggishness in developed markets. But several emerging markets also felt pain, as the number of millionaires in India and Hong Kong fell by almost one-fifth.
And with Europe's debt crisis still in full throttle, the outlook for wealth creation in 2012 remains dim, according to Capgemini and RBC Wealth Management's latest world wealth report.
The world's population of millionaires grew by 0.8 percent to a record 11 million, according to the report, yet their collective wealth fell by 1.7 percent to $42 trillion. Every region except the Middle East saw declines in wealth. It was the first global drop in millionaire wealth since the 2008 financial crisis, when the ranks of the wealthy fell by 15 percent and their wealth contracted by 20 percent.
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- Posted: 2012-06-19 13:28:14
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