Asia Has More Millionaires Than North America

However Asia has more people while overall still being less developed.  Also affluent Asians are spending a lot of their money in the West.

(The Atlantic) North American millionaires, you’re no longer at the top of the heap. According to a report issued last week by Capgemini consultancy and RBC Wealth Management, the Asia-Pacific region now has, for the first time ever, more individuals with more than $1 million in investable assets than North America. The proportion of people who are millionaires is still much higher in North America than in Asia. As the report points out, last year North America’s millionaires dropped 1.1 percent to 3.35 million households, while Asia’s increased 1.6 percent to 3.7 million…