More Asians became dollar millionaires last year despite the European debt crisis and the global recession, but the assets of the richest among them shrank.
According to a report by consulting firm Capgemini and RBC Wealth Management on Wednesday, the number of Asians with US$1 million or more to invest rose 1.9 percent on-year in 2011, and their combines assets grew 1.5 percent.
The growth was evident particularly among Chinese, Japanese, Thais, Malaysians and Indonesians. But the number of Asians with fortunes of $5 million or more dropped 1.6 percent to 266,000, and their total fortunes fell by 1.9 percent.
The decline was also evident among Asians with over $30 million to invest, whose numbers dwindled 3.9 percent to 21,700 and whose combined assets shrank 5.2 percent.
Meanwhile, Korea ranked fourth in Asia for the number of millionaires after Japan, China and Australia. Their number slightly dropped by 3,000 to 144,000. But Korea overtook India, which ranked fourth in 2010 but saw an 18 percent drop in millionaires this year.