Asia pacific has surpassed North America in largest number of millionaires. According to the Asia pacific wealth report 2012, a product of capgemini and RBC wealth management, there are 3.37 million millionaires in the region. This number surpasses that of North America, the land of largest economy.
According to the report the total combined wealth of all millionaires in the region is 10.7 trillion us dollars.
The report attributed this growth in number of millionaires to two factors.
- healthy GDP (gross domestic product) growth
- strong base of entrepreneurship
In past few years Asia pacific has grown significantly. The world’s fastest growing economies are china and India both situated in the region and both are growing significantly for more than a decade. According to the report Asia pacific economy, excluding Japan, is expected to grow 6.1 percent in 2012 and 6.6 percent in 2013. These high figures are expected to be driven by growth in Indian and Chinese economies.
This high growth number of millionaires has led to high demand for wealth management services. And wealth management companies are facing acute shortage of wealth management professionals.