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.
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