Asian millionaires 'top wealth rankings'

Asian millionaires 'top wealth rankings'

China added 144,000 more millionaires in 2015, Capgemini found

Asian millionaires now control more wealth than those in North America, Europe and other regions, according to a report from finance firm Capgemini.

Driven by China and Japan, Asia's millionaires saw their wealth jump by 10% in 2015, the firm's World Wealth Report found.

Millionaires held nearly $60 trillion (£40 trillion) worldwide last year, four times higher than 30 years ago.

That could rise to $100 trillion by 2025, Capgemini said.

Asia's growth in high net worth individuals - defined as having $1 million in assets - came despite slowing economic growth in China and a weak Japanese economy.

'Dominant force'

Capgemini found the growth in Asia was driven mainly by financial services, technology and health care industries.

The region's millionaires held $17.4 trillion of wealth, compared with $16.6 trillion in North America, the report said.

"If past growth rates hold, Asia-Pacific is likely to continue to be a dominant force over the next decade, representing two-fifths of the world's HNWI wealth, more than that of Europe, Latin America, and the Middle East and Africa combined," Capgemini said.

Poor performance in US equity markets slowed growth in North America to 2.3% last year, although the US still had the highest number of millionaires with 4.45 million.

Europe's millionaires saw a 4.8% increase in wealth, which was led by Spain despite the country's record unemployment.

The UK had the fifth highest number of high net worth individuals, although it only increased 1% to 553,000.

Latin American millionaires suffered a decline in net worth of 3.7%, driven by political volatility and a turbulent stock market in Brazil.

Worldwide, the wealth controlled by millionaires grew 4% last year to $58.7 trillion (£39.5 trillion).

Earlier this year, Oxfam found that the richest 1% now have as much wealth as the rest of the world combined.

Pound sees biggest daily gain since 2009

Pound sees biggest daily gain since 2009

June 20, 2016 16:44

The EU referendum vote has caused increased market volatility

The pound has jumped the most against the dollar in seven years, as traders reassessed the likelihood of the UK leaving the European Union.

The pound hit $1.4693, a rise of more than three cents, or 2.34%, the biggest one-day gain since March 2009.

The bounce followed several polls over the weekend that suggested a very tight race, but that the Leave campaign may have lost a little momentum.

The FTSE 100 also rose, with shares closing 3% higher on Monday.

That is the biggest one-day gain since February.

Betfair, a firm that has taken in tens of millions of pounds in referendum-related bets, says the likelihood of a remain vote has risen from 65% on Friday to 72% on Monday.

"The pause in the campaign seems to have lent crucial support to team Remain," said Kathleen Brooks, research director at Gain Capital.

"The markets have always been more comfortable with the UK remaining in the European Union."

The pound had fallen sharply over the course of last week, after polls appeared to indicate the Leave campaign was taking the lead.

But figures from the Commodity Futures Trading Commission, a US markets regulator, suggested a broader change in trading sentiment by Friday.

That data indicated that by the end of last week, currency speculators had began to back the pound again by reducing their bets against the currency.

That contrasted strongly to the first week of June, during which time traders' bets against the pound had risen to the highest level in three years.

However, analysts say there is likely to be more volatility this week.

"Following the large sterling moves over last two days and limited risk premium priced in at this point, sterling now looks more vulnerable to negative surprise from the polls," ING strategist Petr Krpata said in a research note.

Currency traders have reversed bets against sterling that were the biggest in three years

Brexit exposure

Monday's shift in sentiment has boosted shares in banks and builders, which are seen as more vulnerable to damage if the UK votes to leave the EU.

Shares in Royal Bank of Scotland rose 7%, while Lloyds Banking Group and Barclays both rose more than 6%.

Barratt and Taylor Wimpey, two of the UK's largest house builders, also saw their shares jump by nearly 7%.

Oil prices rose as well on Monday, with Brent crude trading up more than 2%, and currently hovering around the $50 a barrel mark, at $50.39.

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