Global wealth

Move over Europe, Asians are richer now

That's why private banks have been tripping over each other to set up offices, reorganise and poach talent, in an effort to woo the increasing number of wealthy in Asia.
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Only the US, Japan and Germany had more rich people than China in 2010 (AFP)
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<div style="text-align: left;"> Only the US, Japan and Germany had more rich people than China in 2010 (AFP) </div>

Asia-Pacific is now home to more rich people than Europe, according to the 15th annual world wealth report published by Capgemini and Merrill Lynch’s wealth management arm.

In 2010, the region boasted 3.3 million high-net-worth individuals people with investable assets of $1 million or more, excluding their primary residence and collectables. Europe, meanwhile, was home to just 3.1 million wealthy individuals in 2010.

This is not news to the wealth management industry, which has long been building teams of relationship managers across the region in hopes of cashing in on this growing population of wealthy people.

Wealth in Asia-Pacific rose by 12.1% during...

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