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.