Asia-Pacific has the most millionaires

[ahfatzia]

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Millionaires' ranks in Asia-Pacific top N. America


SINGAPORE -- Asia-Pacific has overtaken North America as home to the most millionaires for the first time, boosted by a rise in the number of wealthy in China and Japan, a report released on Wednesday showed.

The region had 3.37 million high net worth individuals (HNWIs) in 2011 compared to North America's 3.35 million, a study jointly published by consulting firm Capgemini and RBC Wealth Management found.

Europe possessed 3.17 million HNWIs, which are defined as those having investable assets of US$1 million or more excluding their primary residence and luxury possessions including art.

“Asia-Pacific is now home to more high net worth individuals than any other region for the first time,” Barend Janssens, head of emerging markets for RBC, said at a press conference in Singapore.

Asia-Pacific overtook Europe in 2010 to take second place and a strong growth in the millionaire population — particularly in Japan and China — coupled with a fall in the number of the rich in North America led to the region taking first, Janssens said.

“The most significant finding is that Asia-Pacific's population of high net worth individuals grew at a rate of 1.6 percent in 2011, twice the rate of the global population of 0.8 percent,” he said.

“This is driven by growth in Japan of up to 4.8 percent and China of up to 5.2 percent.”

Japanese formed the bulk of the HNWIs in the Asia-Pacific, constituting 54.1 percent of the total regional population of the rich.

China and Australia ranked second and third at 16.7 percent and 5.3 percent respectively.

Together, the three countries accounted for 76.1 percent of HNWIs in the region.

Despite hosting the most HNWIs, Asia-Pacific still lagged behind in terms of total investable wealth at US$10.7 trillion, compared to US$11.4 trillion for North America.

http://www.chinapost.com.tw/business...ires-ranks.htm


Number of Millionaires: Asia-Pacific 3.37 million N America 3.35 Europe 3.17

Of the Asia-Pacific region's 3.37 million:

1) Japan 54.1%

2) China 16.7%

3) Australia 5.3%

[Esc8781]

Next up billionaires

[Viet]

US$ 1 million ist not much in Japan considering the high cost of living, but a lot in Vietnam.

[ahfatzia]

US$ 1 million ist not much in Japan considering the high cost of living, but a lot in Vietnam.

You have a very good point, buddy, and that's why there are considerably much more millionaires in those 'high cost of living' countries that those lower cost ones. No wonder a few of my millionaire friends immigrated to Suzhou and started a family there a decade ago.

[Banglar Lathial]

I also recall reading that HK and SG have some of the highest numbers of millionaires per million people in the world unless that has changed today. High cost of living explains part of the rise of this group of HNWI, but the accumulation of wealth over decades or longer in these economies by the elite of society may reflect the growing inequality in relatively successful economies.

[ahfatzia]

I also recall reading that HK and SG have some of the highest numbers of millionaires per million people in the world unless that has changed today. High cost of living explains part of the rise of this group of HNWI, but the accumulation of wealth over decades or longer in these economies by the elite of society may reflect the growing inequality in relatively successful economies.

Even though both Hong Kong and Singapore have the most millionaires but it's no longer possible for young people from both locales, or many similar cities around the world, to become one these days. The cost of a home, purchase or rental, is the one single most important factor to stop them by becoming one and, of course, all the daily cost add to it too. A family of 4 needs 2 full time jobs for survival alone and the pressures are high.

Most of the millionaires are produced (I'm not talking about the exceptional here) by older generation or as the results of the older generations of yore either by inheritances of homes or cash. The older generation because they already have houses, when they paid at much lower costs, free of mortgages.

I don't know if we can call it inequality but am certainly label it as a problem of modernization- the cost of a home near the place where you work.

[Viet]

My personal strategy is making money here and then enjoying wonderful life in Vietnam.

[EastSea]

My personal strategy is making money here and then enjoying wonderful life in Vietnam.

most of richest people in Vietnam today, they came back home from US, Russia and east Europa countries.

[Banglar Lathial]

Even though both Hong Kong and Singapore have the most millionaires but it's no longer possible for young people from both locales, or many similar cities around the world, to become one these days. The cost of a home, purchase or rental, is the one single most important factor to stop them by becoming one and, of course, all the daily cost add to it too. A family of 4 needs 2 full time jobs for survival alone and the pressures are high.

Most of the millionaires are produced (I'm not talking about the exceptional here) by older generation or as the results of the older generations of yore either by inheritances of homes or cash. The older generation because they already have houses, when they paid at much lower costs, free of mortgages.

I don't know if we can call it inequality but am certainly label it as a problem of modernization- the cost of a home near the place where you work.

HK and SG are tiny city states or economies with small land area. Due to lack of space, price of prime real estate is exceptionally high in these two cities, so you can naturally expect to see the price of property double or rise multifold in the space of a short duration of time. You are right that those who had the good fortune of purchasing prime real estate, maybe their own homes, in the past stand to benefit today in these two cities. Do most HK or SG citizens also invest abroad (in cheaper countries) in residential or other similar investments?

[ahfatzia]

HK and SG are tiny city states or economies with small land area. Due to lack of space, price of prime real estate is exceptionally high in these two cities, so you can naturally expect to see the price of property double or rise multifold in the space of a short duration of time. You are right that those who had the good fortune of purchasing prime real estate, maybe their own homes, in the past stand to benefit today in these two cities. Do most HK or SG citizens also invest abroad (in cheaper countries) in residential or other similar investments?

Not the average joes (middle incomers) individually and frankly, just like the average joes everywhere, they barely survived on today's escalating costs despite their reputable salaries. The ones who are frugal probably put their savings in the banks or some investment tools like stocks & bonds. Any real estate investments, first home or rental, is probably local. Don't forget in this form of investment you like to keep you eyes on them.The super rich and the medium rich pool their money and hire their managers or local helps if they prefer a particular locale.

My sister and her husband bought a nice house in Zhuhai for a comparative very low price and rent out the one in Singapore when they retire and ready to move to a lower cost China. My never-married brother, the brain in the family, is already living there like a king with a big house with a shared marina and his thirty footer. He retired young in New York City with a handsome pension and a sizable saving after he sold his house in the peak market. He knew he can survive in NYC with what he has but not remotely close to how he wants to enjoy his non working life.

The moral of the story is my brother(51) is a retire millionaire with a fixed income but he has to watch his budget if he stays in NYC. On an other hand, now he can dine out every day with beautiful dates, take them to sight seeing in his beautiful boat and plays golf 5 times a week with his new found also well to do friends in China. He never worries about money anymore.

My friend 'Viet' (above) has the same idea, smart people usually do.

[Banglar Lathial]

[/B]


Not the average joes (middle incomers) individually and frankly, just like the average joes everywhere, they barely survived on today's escalating costs despite their reputable salaries. The ones who are frugal probably put their savings in the banks or some investment tools like stocks & bonds. Any real estate investments, first home or rental, is probably local. Don't forget in this form of investment you like to keep you eyes on them.The super rich and the medium rich pool their money and hire their managers or local helps if they prefer a particular locale.

My sister and her husband bought a nice house in Zhuhai for a comparative very low price and rent out the one in Singapore when they retire and ready to move to a lower cost China. My never-married brother, the brain in the family, is already living there like a king with a big house with a shared marina and his thirty footer. He retired young in New York City with a handsome pension and a sizable saving after he sold his house in the peak market. He knew he can survive in NYC with what he has but not remotely close to how he wants to enjoy his non working life.

The moral of the story is my brother(51) is a retire millionaire with a fixed income but he has to watch his budget if he stays in NYC. On an other hand, now he can dine out every day with beautiful dates, take them to sight seeing in his beautiful boat and plays golf 5 times a week with his new found also well to do friends in China. He never worries about money anymore.

My friend 'Viet' (above) has the same idea, smart people usually do.

Your brother and sister are probably amongst the top 5% of Singaporeans in wealth to be able to lead such luxurious lives, I reckon, based on my observations of Singaporean lifestyle. In fact, like you have said, many Singaporeans complain about the extremely stressful lifestyle, work, even children need to spend their weekends on studies. From what I gather, the level of general anxiety and stress is nowhere close to that in Korea yet.

[ahfatzia]

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Your brother and sister are probably amongst the top 5% of Singaporeans in wealth to be able to lead such luxurious lives, I reckon, based on my observations of Singaporean lifestyle. In fact, like you have said, many Singaporeans complain about the extremely stressful lifestyle, work, even children need to spend their weekends on studies. From what I gather, the level of general anxiety and stress is nowhere close to that in Korea yet.

If my sister and her husband stay in Singapore after they are retired or my brother would've stay in NYC, where the cost of livings are much higher in both places their nested eggs couldn't support the live styles they want. In China, where the costs are much lower, they can.

Koreans are a determined people and they'll go a long way to achieve what they want. IMO they are one of the most hard working ethnic group around. A country with not that many people and yet their women dominate the LPGA. They have more medals in the Olympic as to the population than any country. All they need is a peaceful environment for eternity to come, I hope they'll get it, and they can go far.