Last year, North America regained its position as the region with the largest number of high-net-worth individuals and the most wealth held by this group, with increases of 10.7% in population and 11.9% in wealth, according to Capgemini's 2021 World Wealth Report.
North America accounted for 55% of the more than 1.2 million new entrants into the global high-net-worth pool, compared with 39% of 2019's 1.6 million new entrants. It also contributed 46% of 2020's $5.6 trillion high-net-worth wealth growth, up from 37% of the previous year's $5.9 trillion.
The U.S. continued to lead this wealth growth with a 12.3% increase in 2020, while its high-net-worth population increased by 11.3%. Canada rose more slowly, its wealth growing by 4.7% and its population by 2.9%.
Capgemini surveyed 2,972 high-net-worth individuals across 26 major wealth markets in February and March. It divided respondents into three wealth bands: millionaires next door, with $1 million to $5 million of investable assets, excluding primary residence, collectibles, consumables and consumer durables; mid-tier millionaires, with $5 million to $30 million; and ultra-high-net-worth individuals, with $30 million or more of investable assets.
Following is a look at how other regions fared in terms of high-net-worth population and wealth in 2020.
Asia-Pacific
The Asia-Pacific region's high-net-worth population grew by 5.8% and its wealth by 8.4% in 2020.
China, Taiwan, Hong Kong and South Korea outperformed the global average wealth growth: 13.5%, 9%, 12.1% and 9.2%, respectively. South Korea posted higher-than-average high-net-worth population growth of 7.4%, while India's population growth of 5.9% was marginally better than the Asia-Pacific average.
Japan, the Philippines and Singapore recorded below-average population growth, and Indonesia declined by 4%.
