American millionaires can huff and puff all they like but Asia’s rich have more money than they do. They also have more money than anyone else in the world.
That’s the latest conclusion from consulting group Capgemini, which found that the cumulative wealth of Asian millionaires leaped to 9.9% in 2015 despite languishing U.S. and Canadian equity markets.
This is not a surprising trend given that Asians’ net worth has skyrocketed the past few years, noted CNNMoney.com. Overall, the amount of money possessed by Asia’s most affluent reached a staggering total of $17.4 trillion, an increase from $8.4 trillion posted 10 years ago said the financial news site.
In addition to last year, Asia millionaires outnumbered their North American equivalents in 2014. Of the 5.1 million Asian millionaires reported in 2015, 2.7 million were from Japan and one million were from China, according to the same report, which noted that there were 4.5 million U.S. millionaires for the same year. (For more, see: Top 10 Chinese Entrepreneurs.)
But don’t feel bad for the wealthy in North America. Last year they racked up a total of $16.6 trillion, an increase from $11.2 trillion back in 2006. However, the money is apparently concentrated in the hands of a few as the number of millionaires in this geographic area went up a mere 2%. The study also found that political volatility and a rocky stock market in Brazil led to a 3.7% drop in Latin American millionaires for 2015, while the number of Europe’s well-heeled grew to 4.8% thanks to Spain and the Netherlands, said CNNMoney.com.
In Asia, the source of the wealth comes mostly from entrepreneurs, said Capgemini, particularly who own startups in the financial services, tech and health care sectors versus those running established businesses. Worldwide wealth is estimated to soar to $100 trillion by 2025, estimated Capgemini.