Japan has surpassed Hong Kong with the highest growth in high net-worth individuals in Asia, the Hong Kong Economic Journal reported Wednesday.
Hong Kong people with investable assets of at least US$1 million increased 9.4 percent to 124,000, lagging the Asian growth average of 17.3 percent.
Their combined wealth rose 11.9 percent to US$627 billion, also below the regional growth clip of 18.2 percent, the report said, citing a survey by RBC Wealth Management and Capgemini.
The figures were culled from last year and published in the 2014 Asia-Pacific Wealth Report.
Japan recorded the biggest growth in the number of US dollar millionaires at 22 percent to 2.3 million, its biggest surge since 1972, with their combined wealth topping US$5.5 trillion.
The buoyant growth was attributed to a robust stock market, which was up 24.9 percent on MSCI indices. Inflation-adjusted growth in property prices was 3.9 percent, the report said.
By contrast, Hong Kong stocks grew 8.1 percent and property prices were up just 3.3 percent.
China posted zero growth in stocks and was up 10.1 percent in property prices, strong enough to be ranked second in US dollar millionaires.
Taiwan and South Korea came in third and the fourth, respectively.
Hong Kong slipped to fifth.
Wealthy people in Hong Kong and mainland China invest more than 40 percent of their assets overseas, according to the survey.
Last year, mainlanders shifted 18 percent of their wealth to North America and 16.2 percent to Europe while Kong Kong millionaires put 16.2 percent of their assets in Europe, 11.1 percent in North America and 10.5 percent in the Middle East and Africa.
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