Asia’s dollar millionaires are getting richer: report

HONG KONG, Oct 17, 2007 (AFP) – The number of dollar millionaires in Asia has swelled by 8.6 percent, with Japan home to more than 1.47 million, a report published Wednesday found. Japan has 43.7 percent of the region’s High Net Worth Individuals (HNWI) — those with assets of more than one million dollars excluding their primary house — according to the annual Asia Pacific Wealth Report, published by Merrill Lynch and Capgemini.

The report found there were 2.6 million HNWIs across the region.

In addition, the report also found the number of ultra-HNWIs — those with net assets of more than 30 million dollars — rocketed by 12.2 percent, to a total of 17,500.

China had the second largest number of HNWIs with 345,000 (up 7.8 percent), followed by Australia with 161,000 (up 10.3 percent) and South Korea with 99,000(up 14.1 percent).

The fastest-growing countries for millionaires were Singapore, India and Indonesia, which saw the number of HNWIs rise by 21.2, 20.5 and 16.0 percent respectively, compared to a global increase of 8.3 percent.

Hong Kong had the highest average net worth for HNWIs — of 5.4 million dollars — in the region and the highest concentr