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Asia Passes North America in Number of Millionaires

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:

Audio clip:

(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.

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