Millionaires in North America take Asia's top rank: report

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Asia Pacific region leads overall wealth growth while North America reclaims its position as the largest High Net Worth Individuals (HNWIs) market, according to results of a survey released in Hong Kong on June 19.

Fueled by global recovery in the equity and real estate markets, the investable wealth of the world's HNWIs rebounded in 2012, growing by 10 percent to reach a record high of US$46.2 trillion, after declining 1.7 percent in 2011, according to the World Wealth Report 2013 released by Capgemini and RBC Wealth Management.

One million individuals joined the global HNWI population, which reached 12 million, reflecting an increase of 9.2 percent. North America reclaimed its position as the largest HNWI market in 2012 after being overtaken by Asia Pacific the year prior. North America's population of 3.73 million HNWIs surpassed Asia Pacific's 3.68 million, while its HNWI wealth reached US$12.7 trillion, above the US$12 trillion in the Asia-Pacific region. While Hong Kong HNWI wealth expanded to US$560 billion in 2012, representing a 37.2 percent increase from 2011.

The World Wealth Report is the industry-leading benchmark for tracking HNWIs, their wealth and the global and economic conditions that drive change in the wealth management industry.

According to the report, with the ongoing economic recovery providing an environment of reduced risk and improving investor confidence, global HNWI wealth is forecast to grow by 6.5 percent annually over the next three years.

"HNWI population increases were strong in 2012," said Andrew Turczyniak, Managing Director and Head RBC Wealth Management Emerging Markets Asia. "Looking forward, the Asia Pacific region, which is projected to grow at one and a half times the global average at 9.8 percent, is expected to lead global growth."

Meanwhile, by surveying over 4,400 HNWIs across 21countries, the report finds out that despite recent market improvements, one-third of HNWIs are more focused on wealth preservation versus 26 percent on growing their wealth.