SINGAPORE (BLOOMBERG) - Rich Asians got richer faster than anyone else in the world last year.
Wealth assets held by high-net-worth individuals in the Asia-Pacific region jumped almost 15 per cent to US$21.6 trillion (S$29.25 trillion) in 2017, according to a Capgemini report released on Tuesday. Accelerating economic growth and equity market rallies helped push the global total to a record US$70.2 trillion, the World Wealth Report showed.
The rising number of millionaires in Asia is prompting financial firms from Credit Suisse Group to DBS Group Holdings to expand private banking operations throughout the region. While Japan and China contributed the bulk of Asia's wealth last year, India topped the global chart when it came to the growth rate.
"Emerging markets in Asia, such as China and India, are going to be the engine of growth," said David Wilson, the consulting firm's head of Asia wealth management.
Global wealth is on course to exceed US$100 trillion by 2025, according to the report, which defines high-net-worth individuals as those with at least US$1 million in investable assets.