Center of global mega-wealth shifts from U.S. to Asia

The richest people in the world are no longer concentrated most heavily in the West. They’re concentrated in the burgeoning Far East.

The richest people in the Asian sphere of economic influence are expected to share between them somewhere north of $16.2 trillion this year, a combined wealth approaching that of the $18 trillion U.S. national debt.

Until this year, the super-rich of North America held the world’s largest shared accumulation of wealth, valued in 2014 at $16.2 trillion, according to Agence France-Presse.

Citing a study done by consulting firm Capgemini and RBC Wealth Management, AFP reported the Asian sphere “already had the largest number of high net worth individuals (HNWIs), with 4.69 million in 2014 against 4.68 million in North America.”

The study uses a threshold of $1 million in liquid funds (not counting real assets and collectibles, which would add to that figure) as the entry point into the realm of high net-worth territory.

China now has nearly a million millionaires — 890,000 this year — and India’s number of super-rich individuals is also beginning to surge. “Globally, India recorded the fastest pace of growth in the number of millionaires — 26.3 percent to 198,000 — while total wealth surged 28.2 percent to $785 billion,” AFP explained.

The upshot of the 2015 report, according to RBC’s Barend Janssens, is that Asia’s high net-worth residents won’t just surpass those in North America this year — they’ll take the lead, and then widen the gap.

“[D]espite some recent economic issues, the region’s wealth is expected to lead global growth,” Jannsens said.

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