The world’s wealthiest people are richer and there are more of them, as around a million more joined the ranks of high-net worth millionaires.
In total, the world’s richest people have a combined wealth of a record $46 trillion – a 10% jump for the year before after dropping back by 1.7% in 2011.
A headcount by the latest World Wealth report reckons high net worth individuals number about 12 million people.
High net worth is defined as some with disposable cash of $1m or more, not including their main home, collections and consumables.
The majority of these wealthy investors live in the US and Canada, followed by the Asia Pacific.
The number of millionaires in North America tipped 3.73 million in 2012 – just 50,000 ahead of the Asia Pacific at 3.68 million.
Wealth is growing fast
However the combined net worth of North American millionaires was $12.7 trillion – $700 billion more than that of those living in the Asia-Pacific.
The report’s authors consulting group Capgemini predict the Asia Pacific will top the list next year, as in 2011.
“Although North America headed the number of wealthy investors, the rate wealth is growing was faster in the Asia-Pacific – increasing 12.2% compared with 11.7% for the US and Canada,” said a spokesman.
The report also reveals more than half of the world’s wealthy (53%) are concentrated in just three countries – the US, Japan and Germany.
Numbers of high net worth individuals were up 12% in The States from 3.06 million in 2011, to 3.46 million last year.
Numbers also grew at a lesser rate in Japan, rising 4.4% from 1.82 million to 1.92 million, and climbing 6.7% from 951,000 to 1.01 million.
Rich getting richer
The report predicts the richer will continue to get richer – forecasting 6.5% annual growth to hit $55.8 trillion by 2015, thanks to increased wealth in the Asia-Pacific.
The report observed that although the top 12 countries have not changed, the number of wealth investors in the Asia Pacific is rising rapidly – and at a faster rate than new millionaires are being created in most of the current richest nations.
Hong Kong saw numbers increase by 35% and India by 22% – while the largest rate of increase in the top 12 nations was 15% in Australia.
The report also discloses wealth distribution among the rich.
About 111,000 superrich individuals with a personal wealth exceeding $30 million hold 35% of the millionaire riches.
Next, 1.06 million worth between $5 million and $30 million hold 22%, while 10.8 million millionaires worth between $1 million and $5 million have 43%.
Download a free copy of the World Wealth report http://www.worldwealthreport.com/