The region saw its HNWI population grow 8.5% to 4.7m by the end of 2014, with a total wealth of $15.8trn, up 11.4% from a year ago, according to a report by Capgemini and RBC Wealth Management.
India registered the fastest HNWI expansion out of all countries with its HNWI population up 26.3% and their wealth growing 28.2% year on year.
The election of a reform-minded prime minister boosted investor confidence and the stock market which helped the growth of the HNWI population, the report said.
China, Indonesia and Thailand turned in high double-digit growth to be among the fastest-growing markets.
Unlike the rest of the world, HNWIs in Asia Pacific excluding Japan favour cash over equities, though only by a slight margin. The area’s HNWIs have 23.1% allocation to cash in 2015, and 22.8% in equities. HNWIs in the rest of world have 27.9% in equities and 23.3% in cash.
