Asian Millionaire Wealth May Surpass North America’s Next Year
Asians with at least $1 million in investable assets are expected to see their riches climb to $15.9 trillion by 2015 from $12 trillion last year, according to the 2013 Asia-Pacific Wealth Report, released today. North American high net-worth individuals held $12.7 trillion in 2012.
Japan, the world’s best-performing major stock market this year, accounts for more than half of Asia’s millionaires and will drive regional prosperity as Prime Minister Shinzo Abe’s economic stimulus policies aim to reverse 15 years of deflation, the report showed. The country last year posted a 5.2 percent expansion in millionaire wealth, the slowest among 18 Asian countries tracked in the study.
“Despite its lackluster growth in recent years, Japan remains a strong force in the market,” the report stated. Improved market prospects may encourage rich Japanese “to shift their asset allocation from cash to equities, spurring further wealth growth in mature Asia.”