Asia is on the brink of overtaking North America as the largest wealth management market in the world, as growth in the number of millionaires worldwide accelerated further last year.
The number of individuals with at least $1m in investable assets increased by 15 per cent, to 13.7m, over the past year, according to the latest World Wealth Report by Capgemini and RBC Wealth Management.
Their aggregate wealth also rose rapidly, by 14 per cent year-on-year, to reach a record high of $52.6tn – boosted by a combination of higher economic growth and improving equity market performance in 2013.
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