Hong Kong: Japan’s rich have the largest accumulation of wealth in the Asia-Pacific region, at $7.7 trillion, but the legions of Chinese millionaires are rushing to catch up. The pool of wealth held by China’s high-net-worth individuals grew by more than 144% between 2010 and 2017, to reach $6.5 trillion, according to the latest Asia-Pacific Wealth Report from consultants Capgemini. The equivalent rate of growth in Japan over the same period was about 87%.
More recently, India’s millionaires have been picking up the pace. Wealth held by Indian high-net-worth individuals rose close to 22% in 2017 compared with the previous year, the fastest growth in the region over that period, Capgemini said Wednesday.
Other important Asian wealth markets also saw rapid growth last year.
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And the rapid upward trajectory is expected to continue. After doubling between 2010 and 2017 to hit $21.6 trillion, the total pool of wealth held by HNIs in Asia is expected to nearly double again to $42 trillion by 2025, Capgemini said.
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Last year, wealth in Asia Pacific contributed 41.4% of all new HNI wealth globally, the consultancy said. It defines HNIs as those with investable assets of more than $1 million.
Despite challenges such as the trade war with the US, China’s wealth generation continued this year, according to William Sullivan, Capgemini’s global head of market intelligence. “It’s an exciting time for Asia," he added.
Bloomberg’s Chloe Whiteaker contributed to this story.