Rich neigh­bours

Port Douglas & Mossman Gazette - - FRONT PAGE -

THERE’S a hotspot on the planet where they’re mint­ing mil­lion­aires twice as fast as any­where and it’s right at our door - Asia.

It’s good news for trop­i­cal Queens­land, given our prox­im­ity to Asia, the time zone and the fact we have a ma­jor avi­a­tion hub in the form of Cairns In­ter­na­tional air­port.

The surg­ing growth in high net worth in­di­vid­u­als (HNWIs) in our near north will be added in­cen­tive to large projects such as that mooted for Yorkeys Knob and this week’s news of a pro­posed mas­sive up­grade of the Sher­a­ton Mi­rage Re­sort Port Dou­glas.

Ac­cord­ing to re­searchers Capgem­ini and RBC Wealth, which last week pub­lished its an­nual Asia- Pa­cific Wealth Re­port, the pop­u­la­tion and wealth of Asia-Pa­cific’s HNWIs rose at dou­ble and triple the rates of their coun­ter­parts in the rest over the past five years.

In 20012 alone the Asi­aPa­cific minted 9.4 per cent more mil­lion­aires to reach a to­tal of 3.68 mil­lion, and their wealth grew 12.2 per cent to reach a to­tal of $US12 tril­lion.

The growth in the num­ber and the per­sonal worth of th­ese in­di­vid­u­als is so strong in the Asia re­gion that even though North Amer­ica is still pre­dom­i­nant in rank­ing this is not ex­pected to last be­yond a few more years.

The su­per- rich - termed Ul­tra-HNWIs - are be­ing cre­ated in Asia at a vastly greater pace than any­where else on the planet.

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