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Number of ‘super rich’ grows thanks to Asia

Number of 'super rich' grows thanks to Asia.

Asia’s rapid growth rate has helped to boost the amount of millionaires and “super rich” raising private wealth to record levels, according to a new report.

Private wealth increased 7.8% to $135.5tn in 2012 from the previous year, says Boston Consulting Group, the management consultancy. The total number of millionaire households reached 13.8m and the number of “super rich”, or households worth more than $100m, rose to about 12,000.

The rise in private wealth suggests the global economy is finally shrugging off the effects of the financial crisis helped by Asia’s rapid growth.

Asia’s private wealth increased to $28tn, a 17% jump on 2011 making it the fastest-growing region excluding Japan. The figure is projected to nearly double to $48.1tn over the next five years.

“The world seems to have put the financial crisis behind it with more millionaires and super rich people than before,” said Brent Beardsley, partner and managing director at BCG. “There could be another hiccup, but the world looks like it is recovering as the equity markets rise and the emerging world continues to grow.”

The US remains the wealthiest country, with Japan second, China third and the UK and Germany equal fourth. Qatar has the highest density of millionaires – 143 out of every 1,000 households.

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