SYDNEY--Asian millionaires outnumbered those in other regions of
the world for the first time on record last year even as Europe's
debt crisis contributed to an overall drop in wealth, according to
a study published on Wednesday.
The number of people with at least $1 million in investable
assets in Asia Pacific rose by 1.6% to a record 3.37 million in
2011, as economic growth outstripped growth in more developed
regions including Europe and North America, the annual wealth
survey by Capgemini SA and RBC Wealth Management found.
By contrast, so-called high-net-worth individuals in the U.S.
fell by 1.1% to 3.35 million during the year.
China and Japan were the biggest contributors to Asia's growing
wealth pool, accounting for around 70% of the region's
millionaires. That was despite concern over slowing growth in both
economies and a natural disaster last year.
"If you look at the fact that Japan had the nuclear meltdown and
the earthquake last year, I expected it would be rebuilding
itself," said Dorus van den Biezenbos, a wealth-management
specialist at CapGemini in Australia, in an interview. "But it's
because of the rebuilding, and the government stimulus, that there
have been entrepreneurs who have capitalized on that."
The number of millionaires worldwide remained reasonably
constant at around 11 million, the survey of 71 countries
representing 98% of the world's gross national income found.
Still, for the first time since the survey was started 16 years
ago, the average holdings of the global rich decreased as the
overall wealth pool fell by 1.7% to $42 trillion last year--the
first such decline since the 2008 global financial crisis.
Mr. van den Biezenbos said the ultra-rich, defined as people
with investable assets of more than $30 million, had seen the
largest drop in their wealth, as many had invested in long-term
vehicles, such as hedge funds, that have suffered since the
financial crisis.
"People always say the rich get richer and the poor get the
picture, but this year that hasn't been the case," he said.
In crisis-hit Europe, growing wealth in Russia, the Netherlands
and Switzerland boosted the number of millionaires to 3.17 million,
while their total assets decreased by 1.1% to $10.1 trillion. Even
in France and Germany, the region's largest economies, the numbers
of rich increased last year.
"These millionaires usually diversify quite substantially" and
invested more in lower-yielding but relatively safer assets, such
as fixed-income and term deposits, Mr. van den Biezenbos said.
"Therefore, they have been able to take advantage of
opportunities elsewhere outside Europe," he added.
North America remained the richest region globally with $11.4
trillion in high-net-worth assets, outstripping Asia Pacific with
$10.7 trillion. The U.S., Japan and Germany remain the world's
wealthiest nations, accounting for more than half of the world's
high-net-worth population.
Write to Caroline Henshaw at caroline.henshaw@wsj.com