According to a new survey of the world’s high net worth individuals, there has been an increase of new millionaires across Asian-Pacific nations that has caused them to have more millionaires than we do in North America. This also bumps them into the number two spot in global wealth, surpassing Europe. Apparently over the last year, 920,000 people became millionaires, which is defined as being anyone whose investable assets exceed $1 million in value.
This means that Asia-Pacific increased by 8.5%, leaving North America to only increase by 8.3% last year. Although the cumulative wealth of North America’s millionaires is still substantially higher than the Asian-Pacific millionaires, the study estimates that by the end of this year, that could completely change and they are expected to hold 34% of global wealth by 2019.