Asia's millionaires are richer than North America's millionaires now

Asian millionaires are wealthier than North American millionaires.

(Image credit: WANG ZHAO/AFP/Getty Images)

published 23 June 2016

For the first time ever, North America's millionaires aren't the richest in the world. The latest World Wealth Report from the consulting group Capgemini reveals that the top ranking now goes to Asia, where private wealth grew by nearly 10 percent in the last year. In comparison, wealth in the U.S. and Canada grew by a mere 2.3 percent in 2015. Asian millionaires' total wealth now sits at $17.4 trillion, whereas North Americans' total sits at $16.6 trillion.

Asia's surge, Bloomberg reports, is "fueled by stronger economies and real estate markets." "If past growth rates hold, Asia-Pacific is likely to continue to be a dominant force over the next decade, representing two-fifths of the world's [high net worth individual] wealth, more than that of Europe, Latin America, and the Middle East and Africa combined," Capgemini said.