What Region Saw the Fastest Wealth Growth Last Year?
July 1, 2021
Despite the challenges of 2020, wealth continued to grow around the globe, in some areas more than others. For the first time in five years, North America overtook the Asia-Pacific region in the growth of high-net-worth individuals–meaning those with at least $1 million in investable assets–and in the rate that wealth expanded, according to the Capgemini World Health Report.
There were 1.2 million newly minted high-net-worth individuals in 2020, and 55% of them came from North America. In 2019, there were 1.6 million new entrants, and 39% of them came from North America. North America is also where 46% of the year’s growth in wealth among high-net-worth individuals originated, up from 37% in 2019.
On a country-by-country basis, China edged out the U.S. with high-net-worth wealth growth of 13.5% in 2020 as compared to the year before. The U.S. saw year-over-year growth of 12.3%. Both countries trailed behind Iran, however, where high-net-worth wealth grew by 24.3% over the previous year.