Advertisment

Asia-pacific poised to become largest wealth market

author-image
Krystal
New Update

NEW DELHI, INDIA: The Asia-Pacific Wealth Report 2013 (APWR), published today by Capgemini and RBC Wealth Management, finds that the population and wealth of Asia-Pacific's high net worth individuals increased at double and triple the rates of HNWIs in the rest of the world over the last five years. Asia-Pacific built on this trend of strong performance in 2012, its HNWI population expanding by 9.4 percent to reach 3.68 million and their wealth by 12.2 percent to reach US$12 trillion, contributing to record high levels of global HNWI wealth.

North America edged out Asia-Pacific as the largest wealth market by HNWI population, growing by 11.5 percent to reach 3.73 million. However, the report notes that Asia-Pacific is expected to reclaim the top spot in the near future, driven by strong projected HNWI wealth growth at 9.8 percent annually to reach an anticipated US$15.9 trillion by 2015.

M. George Lewis, group head, RBC Wealth Management & RBC Insurance said: "The Asia-Pacific market is clearly one to watch. Its leadership in global high net worth wealth growth positions it to become the largest wealth market by population as early as 2014. Asia-Pacific's robust growth in 2012 builds on over five years of consistent outperformance. The region's high net worth population and wealth has increased by 31 percent and 27 percent respectively since 2007, far outpacing growth in the rest of the world of 14 percent and nine percent."