20 Jun '12, 1am

Asia now has most millionaires for the first time, after weakening economies took their toll on the world's rich

Asia now has most millionaires for the first time, after weakening economies took their toll on the world's rich

Weakening economies that roiled markets last year also took their toll on the world's rich, while Asia for the first time had more millionaires than North America, according to a study released on Tuesday. -- PHOTO: REUTERS (REUTERS) - Weakening economies that roiled markets last year also took their toll on the world's rich, while Asia for the first time had more millionaires than North America, according to a study released on Tuesday. A new report said the global personal wealth of people with US$1 million (S$1.27 million) and more to invest fell in 2011 for the second time in four years, reflecting the euro zone crisis and economic sluggishness in developed markets. But several emerging markets also felt pain, as the number of millionaires in India and Hong Kong fell by almost one-fifth. And with Europe's debt crisis still in full throttle, the outlook for wealth creat...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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