Number of Wealthy Spanish Grew by 5.4% in 2012

June 24th, 2013

The number of people in Spain with financial assets of at least one million dollars (0.74 million euros), excluding their primary residence and consumables, stood at 144,600 people in 2012, which is 5.4% more than in the previous year, according to the World Wealth Report 2013 compiled annually by RBC Wealth Management and Capgemini.

Globally, the wealth of high net worth individuals (HNWIs) rose by 10% in 2012, reaching a record of 46.2 billion dollars (34.5 billion euros), after registering a fall of 1.7% the previous year.

According to the seventeenth edition of the report, one million people joined the world’s population of individuals with large estates, to total 12 million, representing an increase of 9.2%.

By region, North America, which was overtaken last year by Asia-Pacific, regained its position in 2012, and again stands as the region with the highest number of large fortunes.

Specifically, with a population of 3.73 million people with large fortunes, North America overtook Asia-Pacific (which recorded 3.68 million wealthy individuals), and their volume of wealth stood at 12.7 billion dollars (9.48 billion euros), compared to 12 billion dollars (8.95 billion euros) for Asia-Pacific.

Latin America was the only region that did not increase its population of millionaires in 2012, due to slow GDP growth and the challenges of capital markets.

Regarding future prospects, it is expected that the global wealth of HNWIs will grow by 6.5% annually over the next three years, compared to the growth of 2.6% per year registered since the beginning of the financial crisis in 2008.

Cautious investments

However, despite record levels of wealth last year, 33% of HNWIs are more focused on preserving their wealth, compared with 26% who are looking for growth, with North American HNWIs preferring equities (37% of the portfolio), while HNWIs in Latin America and Asia-Pacific (excluding Japan ) opted for real estate investment, with 30% and 25% of the portfolio, respectively.

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