Millionaires on the rise in North America

North America reclaimed the top spot with the most millionaires last year, as the world’s ultra-rich led the way in raising global wealth to a record high, according to a report by Cap Gemini and Royal Bank of Canada.

People in North America with at least $1 million in investable assets climbed 11.5 percent to 3.73 million in 2012, regaining the No. 1 ranking after being overtaken in 2011 by the Asia-Pacific region, according to the 17th annual World Wealth Report released Tuesday. Individuals with high net worth in Asia-Pacific increased 9.4 per cent to 3.68 million.

The combined wealth of the world’s millionaires rose 10 per cent to a record $46.2 trillion last year, after declining 1.7 per cent in 2011. North America remained the richest region with $12.7 trillion of assets with high net worth, compared with $12 trillion in Asia-Pacific, according to the study.

“Both the U.S. and Canada benefited from marginal GDP growth as well as equity and real estate markets,” said Jean Lassignardie, chief sales and marketing officer for Paris-based Capgemini Global Financial Services. Still, Asia-Pacific’s total wealth increased 12.2 per cent, outpacing North America’s 11.7 per cent growth, he said.

The increase in wealth was led by the super-rich, those with at least $30 million to invest, whose assets and numbers rose by about 11 per cent following declines in 2011, according to the report.

via Millionaires on the rise in North America.