World's biggest money bags migrate to Asia

The number of wealthy people in the world last year increased by 0.6 percent, to 187,380 people, but their overall wealth declined by 1.8 per cent to 25.775 trillion dollars. In intercontinental championship of millionaires Asia is in the first place, ahead of the traditional leader - North America. Yet, the US still has more billionaires.

Noteworthy, according to the calculations of Pacific, Capgemini and RBC Wealth Management, the total number of the rich with the wealth ranging from 250 to 499 million decreased by 13 percent, while the total capital was reduced by 11 percent. These days, a sense of stability requires a cushion of at least a billion. Billionaires-oligarchs successfully swim in the waves of the crisis. Their number in the previous year increased by 9.4 percent, and the general wealth - by 14 percent. The experts counted 2,160 billionaires in the world.

Most of the super-rich people still reside in the U.S., where 60, 280 people have 8.3 trillion. The total wealth of the rich in North America is estimated at 11.4 trillion. The number increased by 2,250 compared to last year. Super-rich people are concentrated in California (10,955), in New York (8595), and Texas (5890).

The number of millionaires in North America has reached 3 million 350 thousand people. This indicator is inferior to that of the Asia Pacific region with 3.37 million businessmen with the wealth of over $1 million. The European region has enough dollar millionaires, too - 3.17 million people.

Japan continues to maintain a confident regional leadership in terms of the number of millionaires living in the country - 54 percent. Another 17 percent live in China, a little over 5 percent - in Australia. Their total wealth reduced to 10.7 trillion in 2011 from 10.8 trillion in 2010, which was impacted by the decline in export demand from other regions of the world.

Much of the world's rich have inherited their wealth. Migration of the wealthy is often associated with the search of convenient offshore financial centers, therefore many moved to Hong Kong and Singapore with their financial development, lower taxes and financial privacy.

Interestingly enough, the greatest losses were recorded among the wealthy residents of the financial centers - Hong Kong (20.1 percent) and India (18 percent). The increase of well-being of individuals is observed in Thailand (9.3 percent) and Indonesia (5.3 percent). Modest growth was shown in Japan and China (1.8 percent).

Experts also note crises around the world. The Asian region is dealing with its own problems, including inflation, slowing economic growth and capital outflow. However, they predict that the Asia-Pacific region will continue to show a higher rate of economic growth, and its population will continue to grow.

The weakening of the euro zone, as well as the crisis, played their role in reducing the wealth in the region. The number of millionaires in the top twenty in Europe has increased markedly in Switzerland (third place, plus 7.2 percent), Denmark (15th place, plus 8.7 percent) and Luxembourg (16th place, plus 9.2 percent). The number of the wealthy reduced in Italy (fifth place, minus 13.6 percent), Spain (sixth place, minus 19.1 percent), Poland (13th, minus 11.4 percent), Austria (18th, minus 13.1 percent ) and Ukraine (19th place, minus 9.4 percent).

The number of the wealthy in Russia has decreased by 11.3 percent over the last year. Last year Russia had 1,290 citizens in the category " 30 million", and this year there were 1,145. In the European rankings for this category Russia has moved from the eighth to ninth place in Europe.

According to experts, the total wealth of the Russian millionaires has declined in the last year by 14.8 percent to 605 billion rubles. In terms of this index, Russia yielded its former third place to Switzerland. Germany leads Europe with 15,770 wealthy residents, whose wealth is estimated at 2.05 billion dollars, followed by the UK (10,515 to 1.325 trillion) and Switzerland (5,595 and 655 billion).

The most active growth in terms of the percentage of the number of the wealthy is shown by Africa and Oceania, but these regions have the lowest volume of the wealthy "middleweight" millionaires. They account for only 325 and 475 billion, respectively.

"Investors are investing their wealth in private companies, real estate and commodities. Risk aversion translates into avoiding speculative strategies and transition to hard assets," analysts of Wealth-X report.
Vitaly Salnik


Read the original in Russian

Subscribe to Pravda.Ru Telegram channel, Facebook, RSS!

Author`s name Dmitry Sudakov