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.
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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