Changing wealth balance: Asian millionaires getting richer

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Changing wealth balance: Asian millionaires getting richerAccording to the report by Cap Gemini SA (CAP) and Royal Bank of Canada, wealth among Asia-Pacific millionaires may surpass North America’s next year due to Japanese economic growth which boosts investor returns in the country. By 2015 Asians with at least $1 million in investable assets are expected to see their riches increase up to $15.9 trillion from $12 trillion last year, 2013 Asia-Pacific Wealth Report has showed today. Rich North American held $12.7 trillion in 2012. Asia-Pacific millionaires expanded their assets at an annual rate of 4.9 percent in the five years to 2012, three times faster than expansion in North America, home to the largest concentration of millionaire wealth, the report states. The number of high net-worth individuals in the Asia-Pacific region grew 9.4 percent to 3.68 million last year, according to the 17th annual World Wealth Report published in June.