Asia-Pacific private wealth trumps North America's for first time: Report

The Asia-Pacific region surpassed North America in terms of private wealth for the first time last year, Bloomberg reported on Thursday.

Citing a Capgemini SA report, Bloomberg said that millionaires’ assets in Asia-Pacific countries rose almost 10% to $17.4 trillion, trumping North America’s $16.6 trillion.   

According to the news report, the reversal was fuelled by "stronger economies and real estate markets".

Europe, for its part, saw a 4.8% increase to $13.6 trillion, while Africa and Latin America declined, the report said.

Overall, the report added that global wealth rose by 4% to $58.7 trillion.

According to the news report, in the process of compiling its report, Capgemini surveyed more than 800 wealth-management companies across 15 major wealth markets.

China is rising fast, but its not quite there yet

China, according to the Capgemini survey, posted the biggest increase in millionaire population at 16%. 

However, the report said that the US, Japan and Germany still have more high-net-worth individuals than China. The report added that American millionaires outnumbered their Chinese counterparts by more than four to one.

Global wealth to rise to $106 trillion by 2025

The key drivers of growth in high-net-worth individuals’ assets through 2025 are expected to be India, China and the US, the report said, adding that by that time millionaires will hold $106 trillion. 

The Paris-based consulting firm, according to the report, said that wealth in the Asia-Pacific region will see a 142% surge to $42.1 trillion. 

The news report added that Africa and the Middle East would be the other two fastest growing regions according to Cap Gemini.