Millionaire families: Asia-Pacific region now tops N. America

In 2014, the Asia-Pacific region grew at the fastest rate and overtook North America’s title as home to the most millionaires, but North America is still first in terms of its millionaires’ total wealth. More than 900,000 people became millionaires in 2014, boosting the world’s millionaire population to 14.6 million, according to the 19th annual World Wealth Report. China had 4 million millionaire households in 2014, the second most in the world after the United States, which had 7 million millionaire households last year, the most in the world. Japan took third place with 1 million.

2014 was the sixth consecutive year of growth for the High Net Worth market, with robust equity returns and economic performance enabling wealth to grow by about 7 percent.

George Lewis, group head for RBC Wealth Management and RBC Insurance

Worldwide, the number of millionaires is growing — and more than half that growth is driven by the U.S. and China, the report said. North America continues to rank No. 1 in terms of its millionaires’ total wealth — $16.2 trillion, compared with the Asia-Pacific region’s $15.8 trillion — but Asia-Pacific is expected to take the lead in that statistic by the end of this year. Another change last year was seen in the asset classes in which millionaires invest their wealth, with equities becoming the preferred asset class instead of cash.

Increased exposure to equities indicates a slowly expanding appetite for risk as High Net Worth individuals show comfort in equities taking up a larger portion of portfolios, as asset values rise.

Andrew Lees, Capgemini Global Financial Services’ global sales officer

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