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Friday, June 24th, 2016

For the first time, America is no longer No. 1 for super-rich

Author:     Quentin Fottrell
Source:     Market Watch
Publication Date:     June 23, 2016 11:02 a.m. ET
 Link: For the first time, America is no longer No. 1 for super-rich
Stephan:   One of the consequences of the rise of Neo-feudalism is that the U.S. is no longer the richest area on the planet. Here is the story.
Asia is now the richest area on the planet. Credit: notey.com

Asia is now the richest area on the planet.
Credit: notey.com

Asia-Pacific has overtaken North America as the top spot for the super-rich.

The wealth of high net worth individuals in the Asia-Pacific grew by 10% or almost five times North America’s 2% growth for high net worth individuals (HNWI) last year, according to the World Wealth Report released Thursday by Capgemini, a global consulting, technology and outsourcing service. There was a big drop from North America’s 9% HNWI growth rate the year before, dragged down by poor performance of U.S. and Canadian equities. The World Wealth Report covers 71 countries, accounting for more than 98% of global gross national income and 99% of world stock market capitalization.

Listen: This week on Catey Hill and Quentin Fottrell’s podcast Money, Markets & More(on iTunes): The slump in teen summer jobsand The worst tipper in America.

The Asia-Pacific region has 5.1 million HNWIs, compared to North […]

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