Sep 17, 2015

    Asia-Pac's rich 'set to become world's wealthiest'

    ASIA-PACIFIC millionaires are set to become the world's richest this year, a report said yesterday, driven largely by wealthy individuals in India and China.

    The combined wealth of Asia-Pacific's super rich will surpass its 2014 total of US$15.8 trillion (S$22.7 trillion) and overtake that of their North American counterparts - currently the world's richest group with a shared wealth of US$16.2 trillion last year, the study said.

    The research by computer services consultancy Capgemini and RBC Wealth Management said the Asia-Pacific region already had the largest number of high net worth individuals, with 4.69 million last year against 4.68 million in North America. Such individuals are those with investible money of at least US$1 million apart from the value of their homes and other collectibles.