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Millionire's of APAC more worthy than Europeans
By siliconindia
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Wednesday, 23 June 2010, 23:21 IST |
4 Comments
Singapore: According to a study, Asia Pacific millionaires China and India prove more worthy than their European counterparts. Asia Pacific has also become a key destination for the rich.
The aftermath of the global recession had turned the population of HNWIs to 10 million in 2009 with a large number of them centralized in the U.S., Japan and Germany.
"The Asia-Pacific HNWI population rose 25.8 per cent overall to three million, catching up with Europe for the first time, after falling 14.2 per cent in 2008," the World Wealth Report said.
The Asia Pacific millionaires's wealth grew a third to $9.7 trillion surpassing the $9.5 trillion wealth of their European counterparts
During 2009 the highest growth in HNWI population came from Asia Pacific region, which was led by Hong Kong. The stock exchange numbers had doubled and reached to 73.5 percent.
India, Taiwan, Australia, Singapore, Indonesia and Vietnam feature among the top 10 global Asia-Pacific economies.
A further study by Forbes Magazine reveals that China has the highest number of billionaires but India still holds the wealthiest individuals.
Out of the 25 billionaires' in Asia, 10 are from India led by oil and gas tycoon Mukesh Ambani with an estimated wealth of $29 billion and steel magnate Lakshmi Mittal with $28.7 billion. Hong has five billionaires', led by Li Ka -Shing as reported by Forbes.
The World Wealth Report suggggests that the wealthy have overcome the losses of 2008 much before a US housing crisis triggered the global recession. The recession has made the entire world's rich alert about their investments and they are more engaged in careful financial affairs.
Foong Lai Kun, Asia-Pacific Director for Financial Services at Capgemini says "However, their investment decisions are driven much more from emotional than intellectual factors,"