Asian Millionaires Will Soon Oust North Americans From Top of Wealth List

The wealth possessed in total by Asia’s millionaires may soon surpass that of their North American counterparts. According to a new report published by Cap Gemini SA and Royal Bank of Canada, Asians with $1 million dollars in liquid assets are likely to see their collective wealth appreciate to the tune of $15.9 trillion by the year 2015.

The report found that millionaires in Asia increased their investable assets at a yearly rate of 4.9 percent in the five years to 2012, which was three times as fast as the growth in North America. Strong economic performance, stable stock markets and high savings rates across the continent have all helped increase fortunes in Asia.

An employee inspects U.S. dollar bills before changing it to Philippine Pesos inside a money changer in Manila September 19, 2013.

business.time.com