China and India led the way in the growth of High Net Worth Individuals (HNWI) in the Asia-Pacific region in 2014 and their wealth is expected to grow 10% annually, according to the Asia-Pacific Wealth Report 2015 published by Capgemini and RBC Wealth Management. The population of HNWIs, people with investable assets of $1 million or more, excluding primary residence, collectibles, consumables, and consumer durables, in the Asia-Pacific region rose by 8.5% in 2014 to 4.7 million people, an increase of one million over two years.
Asia-Pacific has already overtaken North America with the largest HNWI population (4.69 million versus 4.68 million), and is expected to surpass the total wealth of North America’s HNWIs, which is currently at $16.2 trillion, by the end of this year after the wealth of the group increased 11.4% to $15.8 trillion in 2014.
"Asia-Pacific continues its tremendous run in wealth creation and doesn't appear to be slowing down anytime soon," said Barend Janssens, head, RBC Wealth Management - Asia. "Despite some recent economic issues, the region's wealth is expected to lead global growth and with this, will provide tremendous opportunities for the wealth management firms that are well positioned to meet the increasingly complex needs of HNWIs in Asia-Pacific."