Asia Minute: Asia’s Growing Wealth
Nearly 33,000 households in Hawai‘i have a million dollars or more in investable assets. That’s according to a study called the Phoenix Global Wealth Monitor. It also says that Hawai‘i has the fourth highest number of millionaires per capita in the country—trailing only Maryland, Connecticut and New Jersey. A new study by another investment group finds financial wealth in Asia continues to grow faster than in any other part of the world. HPR’s Bill Dorman has more in today’s Asia Minute.
Asia has overtaken Europe as the second wealthiest region of the world… and that’s not even counting Japan. The Boston Consulting Group did the accounting work on this study, and it expects the pattern of growing Asian wealth to continue. The group says the Asia Pacific holds 47-trillion dollars in private wealth…compared to 51-trillion in North America.
But trends are favoring Asia, which is expected to overtake North America by next year and by the year 2019, 34% of all global wealth will be in Asia.
One growth factor: the creation of new millionaires.
The study found China produced a million new millionaires last year alone. And as for the question of where the wealthy live, the per capita rich Switzerland remains the top of the heap 135 households out of every 1,000 have those investable assets topping a million dollars. Bahrain, Qatar and Kuwait represent the Persian Gulf millionaires club, trailing Switzerland, but topping Hong Kong where 94 of every thousand households are millionaires. But Asia’s wealthiest per capita locale is Singapore: number four on the global list.