The population and wealth of high net worth individuals (HNWIs) in Asia Pacific grew at double and triple the rates of HNWIs in the rest of the world over the period of 2007 to 2012.
This according to the 2013 Asia Pacific Wealth Report by RBC Wealth Management and partner Capgemini.
Last year alone, the HNWI population in Asia Pacific increased by 9.4 percent to reach 3.68 million and their wealth grew by 12.2 percent to reach US$12 trillion, contributing to record high levels of global HNWI wealth.
M. George Lewis, Group Head, RBC Wealth Management & RBC Insurance, said: “The Asia Pacific market is clearly one to watch. Its leadership in global high net worth wealth growth positions it to become the largest wealth market by population as early as 2014.”
“Asia Pacific's robust growth in 2012 builds on over five years of consistent outperformance. The region’s high net worth population and wealth has increased by 31 percent and 27 percent respectively since 2007, far outpacing growth in the rest of the world of 14 percent and nine percent,” he added.
Specifically in Singapore, HNWIs saw their population and wealth expand by 10.3 percent and 11.5 percent respectively.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email email@example.com