As economies around the world struggle, the center of monetary power is shifting. Asia now has more millionaires than North America.
FOX News Radio’s Alastair Wanklyn reports from Tokyo:
(Eartha Kitt – “Old Fashioned Millionaire”) “..And an old-fashioned millionaire…”
The modern millionaire lives in Shanghai or Singapore, or here in Tokyo. A survey showing last year – for the first time – Asia’s millionaire’s outnumbered those in North America: 3.4 million Asian millionaires, to be exact.
But the economic climate is not being kind to the world’s richest. Their wealth shrank last year by $10,000-$20,000 each, and the number of super-rich – those with $30 million or more – saw their fortunes fall, on average, by about 5% each.
That’s all according to a survey by the Royal Bank of Canada.
In Tokyo, Alastair Wanklyn, FOX News Radio.