Taiwan boasts 7 percent more millionaires in 2012

TAIPEI, Taiwan - The club of millionaires in Taiwan expanded 7 per cent to reach 95,000 in 2012, with their assets totaling US$298 billion (S$373 billion) , according to a world wealth report published yesterday.

The report released by Capgemini and RBC Wealth Management said that the number of millionaires in Asia totaled 368,000 last year, representing a 9.4-per cent increase compared to 2011. They had a combined wealth of US$12 trillion (S$15.1 trillion) .

Millionaires are defined as those who have at least US$1 million ( S$1.25 million ) in investable assets.

The report said that economic growth, stock market gains, increases in property prices and high savings rates have contributed to the swelling of wealth in Asia.

The number of people with investable assets of at least US$30 million (S$37.6 million) grew 15.4 per cent in Asia, reaching 25,000. Their combined wealth increased 18 per cent.