Chemistry Board

More people in Asia became millionaires last year as the region’s economic growth and entrepreneurship helped generate affluence. The number of individuals in Asia-Pacific with investable assets of $1 million to $5 million climbed 1.9 percent to 3.08 million in 2011. Their total wealth increased 1.5 percent.

The report underscores the region’s growing importance as a wealth management center as the world’s rich struggle to maintain their fortunes amid Europe’s debt crisis and a slowing global economy. Asia-Pacific millionaires outnumbered those in North America for the first time last year, according to the World Wealth Report published by RBC and Capgemini in June.

Asia’s richest people weren’t unscathed by the European crisis that has roiled markets worldwide. The population of ultra-high net worth individuals -- those with investable assets of at least $30 million -- in Asia-Pacific fell 3.9 percent to 21,700, the report showed. Their wealth dropped 5.2 percent.

The number of people in the region with investable assets of $5 million to $30 million declined 1.6 percent to 266,000, and their wealth slid 1.9 percent, according to the report, which focuses on 10 Asian markets.

Read full article