Asia-Pacific region now has more millionaires than North America

11:21 a.m. EDT June 17, 2015

(Photo: MARK RALSTON, AFP/Getty Images)

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The population-packed Asia-Pacific region has the most millionaires worldwide — but the rich are richer in North America, according to a new report.
By the end of 2014, there were almost 4.69 million millionaires living in the Asia-Pacific area, 10,000 more than in North America. But North America's millionaires have $16.2 trillion in the bank, $400 billion more than those Asia-Pacific counterparts, according to the "2015 World Wealth Report," by the Royal Bank of Canada and consulting firm Capgemini.
The report highlights trends among the wealthy by using research methods such as internal market research from Capgemini and an annual online survey of 5,100 people across 23 countries who have more than $1million in investable assets, excluding their primary residence..

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In the 2014 World Wealth Report, North America had the most millionaires worldwide.
The survey found the rich reside in a few key countries as wealth becomes more concentrated across the globe. Sixty percent of millionaires live in the U.S., Japan, Germany or China.
In the U.S., about 4.3 million people are deemed "high net worth individuals" and have investable assets of $1 million or more, according to the report.
Worldwide, the number of millionaires is growing — and more than half that growth is driven by the U.S. and China, the report said. Across the globe, the top 1% of millionaires — those who have $30 million or more — grew faster than any other segment.
Wealth will only get more concentrated, projects a separate report released Monday by the Boston Consulting Group. Millionaire households held 41% of global private wealth - such as cash, stocks and bonds - in 2014, according to "Global Wealth 2015: Winning the growth game," and are projected to hold 46% in 2019.
That report also predicted a rise of the wealthy in the Asia-Pacific region. That area, excluding Japan, which was tracked separately, is projected to hold 34% of global wealth in 2019, according to the BGC report.
Those surveyed by Capgemini and RBC keep about a fourth of their wealth as cash for "lifestyle needs."
What are they buying?
Wearable tech, women's watches and yachts will be popular in 2015, according to "The Wealth Report," a separate study of high-net-worth individuals by real estate consultants Knight Frank.