Asia-Pacific home to highest number of millionairesJune 21, 2012 - 13:19 AMT PanARMENIAN.Net - For the first time, the Asia-Pacific region has become home to the highest number of millionaires in the world, says an annual global wealth report by Capgemini and Royal Bank of Canada Wealth Management. According to CNN, Asia-Pacific surpassed North America in 2011 to have 3.37 million high-net-worth individuals (HNWI), which the report defined as people with at least US$ 1 million available for investment, excluding personal assets such as primary homes, collectibles, and consumer durables. North America was a close second with 3.35 million HNWIs, although the region still led with the highest amount of investable wealth at US $11.4 trillion, compared to Asia-Pacific's US $10.7 trillion. Despite the reshuffling, investable wealth fell across all regions, except the Middle East, due to HNWI investments in risky, less liquid assets amid high volatility in global markets. The overall 1.7% decline was the first recorded since the 2008 financial crisis. At 11 million, the worldwide number of HNWIs only increased by 0.8%. China accounted for about half the increase of HWNIs in the Asia-Pacific, where the super-rich increased 5.2% to 562,000 people - placing the country in fourth place behind the U.S., Japan, and Germany. On the other hand, Hong Kong and India were the worst-hit, falling 17.4% and 18%, respectively. Singapore and South Korea also saw falling number of HNWIs. The report cited rising inflation, declining exports due to weakened European demand, and crises such as Japan's earthquake in March last year as the key negative factors impacting the region. It went on to say the region's growth will "depend most heavily on whether China can engineer a soft landing, and the mature economy of Japan can recover from a challenging 2011." The 16th World Wealth Report, which assessed economic activity in 2011, covered 71 countries that account for more than 98% of gross national income. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. Ameriabank's Trade Finance portfolio enriched with four prestigious awards from EBRD and IFC Ameriabank received the awards from international financial institutions in recognition of its trade finance operations. Armenian Economy Minister to make trip to UAE May 20-22 A delegation led by Minister of Economy Gevorg Papoyan will travel to the UAE capital of Abu Dhabi on May 20-22 Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. |