Asia-Pacific rises to top of HNWI league table

The Asia-Pacific region has the largest number of rich people in the world, overtaking North America for the first time.

Last year, the 5.1 million high-net-worth individuals (HNWIs) in Asia-Pacific had a combined wealth of $17.4 trillion (€15.4 trillion), compared to the 4.8 million North American wealthy, who held $16.6 trillion.

Capgemini produced the figures in its 20th annual ‘World Wealth Report’, which also highlighted the speed at which the Asia-Pacific region’s wealthy population is growing. The amount of wealthy people in Asia-Pacific grew by 10% last year, five times the rate of North America.

The consultancy firm also said that wealth management firms may need to broaden their investment expertise because almost half of HNWIs focused on investing for growth, which implies a tendency to hold more assets in alternative investments.

The top three services HNWIs look for when choosing a wealth management firm, according to the report, are: investment advice (47%); financial planning expertise (40%); and investment access (40%).

©2016 funds europe