Global millionaire population and wealth grows in 2012
Not only are the rich getting richer, but their numbers are growing and North America is home to most of them, according to a report from Capgemini and RBC Wealth Management.
The World Wealth Report, released Tuesday, found the global population of millionaires reached record levels in 2012 growing by 9.2%, or 1 million people, to reach 12 million after remaining flat in 2011.
Their wealth also increased by 10%, or $46.2 trillion, after declining 0.7% last year. The report attributes this to slow but stabilizing economic growth.
The figure is well above the pre-crisis level of $40.7 trillion in 2007 and previous high of $42.7 trillion in 2010.
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North America maintained its spot of being home to the most millionaires last year, growing by 11.5% or 3.73 million, the highest regional growth. As in the previous five years it holds the largest share of millionaires’ investable wealth with $12.7 trillion in 2012, compared with $12 trillion for Asia-Pacific.
Asia-Pacific followed close behind with a 9.4% growth, reaching 3.68 million millionaires.
While Latin America had the highest growth in 2011, it slowed down in 2012, posting growth of only 4.4%. A slowdown in gross domestic product growth and contraction in the Brazilian and Argentine equity markets is to blame.
Mexico stood out from other Latin American countries with a 6.6% increase in its millionaire population.
More than half the global population of millionaires continues to be concentrated in the U.S., Japan and Germany.
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