Asia's millionaires outnumber America's
June 21, 2012 -- Updated 0719 GMT (1519 HKT)
Shanghai is a major financial center in China, which ranks fourth worldwide in its number of high-net-worth individuals.
- A report shows the Asia-Pacific region has the most millionaires in the world for the first time
- North America was a close second and led with the highest amount of investable wealth
- Investable wealth fell across all regions, except the Middle East, due to investments in riskier assets
- China accounted for about half of the HWNI increase in the Asia-Pacific
(CNN) -- For the first time, the Asia-Pacific region has become home to the highest number of millionaires in the world, according to an annual global wealth report by Capgemini and Royal Bank of Canada Wealth Management.
Asia-Pacific surpassed North America in 2011 to have 3.37 million high-net-worth individuals (HNWI), which the report defined as people with at least US$ 1 million available for investment, excluding personal assets such as primary homes, collectibles, and consumer durables.
North America was a close second with 3.35 million HNWIs, although the region still led with the highest amount of investable wealth at US $11.4 trillion, compared to Asia-Pacific's US $10.7 trillion.
Despite the reshuffling, investable wealth fell across all regions, except the Middle East, due to HNWI investments in risky, less liquid assets amid high volatility in global markets. The overall 1.7% decline was the first recorded since the 2008 financial crisis. At 11 million, the worldwide number of HNWIs only increased by 0.8%.
China accounted for about half the increase of HWNIs in the Asia-Pacific, where the super-rich increased 5.2% to 562,000 people—placing the country in fourth place behind the U.S., Japan, and Germany. On the other hand, Hong Kong and India were the worst-hit, falling 17.4% and 18%, respectively. Singapore and South Korea also saw falling number of HNWIs.
The report cited rising inflation, declining exports due to weakened European demand, and crises such as Japan's earthquake in March last year as the key negative factors impacting the region. It went on to say the region's growth will "depend most heavily on whether China can engineer a soft landing, and the mature economy of Japan can recover from a challenging 2011."
The 16th World Wealth Report, which assessed economic activity in 2011, covered 71 countries that account for more than 98% of gross national income.
Part of complete coverage on
February 6, 2013 -- Updated 1526 GMT (2326 HKT)
Advocates say the exam includes unnecessarily invasive and irrelevant procedures -- like a so-called "two finger" test.
February 6, 2013 -- Updated 0009 GMT (0809 HKT)
Supplies of food, clothing and fuel are running short in Damascus and people are going hungry as the civil war drags on.
February 6, 2013 -- Updated 1801 GMT (0201 HKT)
Supporters of Richard III want a reconstruction of his head to bring a human aspect to a leader portrayed as a murderous villain.
February 5, 2013 -- Updated 1548 GMT (2348 HKT)
Robert Fowler spent 130 days held hostage by the same al Qaeda group that was behind the Algeria massacre. He shares his experience.
February 6, 2013 -- Updated 0507 GMT (1307 HKT)
As "We are the World" plays, a video shows what looks like a nuclear attack on the U.S. Jim Clancy reports on a bizarre video from North Korea.
The relationship is, once again, cold enough to make Obama's much-trumpeted "reset" in Russian-U.S. relations seem thoroughly off the rails.
Ten years on, what do you think the Iraq war has changed in you, and in your country? Send us your thoughts and experiences.
February 5, 2013 -- Updated 1215 GMT (2015 HKT)
Musician Daniela Mercury has sold more than 12 million albums worldwide over a career span of nearly 30 years.
Photojournalist Alison Wright travelled the world to capture its many faces in her latest book, "Face to Face: Portraits of the Human Spirit."
February 6, 2013 -- Updated 0006 GMT (0806 HKT)
Europol claims 380 soccer matches, including top level ones, were fixed - as the scandal widens, CNN's Dan Rivers looks at how it's done.
February 6, 2013 -- Updated 1237 GMT (2037 HKT)
That galaxy far, far away is apparently bigger than first thought. The "Star Wars" franchise will get two spinoff movies, Disney announced.
February 8, 2013 -- Updated 0718 GMT (1518 HKT)
It's an essential part of any trip, an activity we all take part in. Yet almost none of us are any good at it. Souvenir buying is too often an obligatory slog.
Today's five most popular stories