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Entrepreneurship keeps U.S. super-rich ahead of the world pack, for now


A report says that North America’s super-rich will outnumber Asians with a net worth of at least $30 million for the next 20 years, Bloomberg reported.

There are 62,960 ultra-high-net-worth individuals in North America compared with 54,325 in Europe, Wealth-X, a Singapore-based research and advisory firm, said in a report. The Asia-Pacific region, which has 42,525, will leapfrog North America in 2032 and Europe in 2024, it said.

“North America is so far ahead thanks to its entrepreneurship,” said Wealth-X CEO Mykolas Rambus. “It will take time for Asia’s millionaires to build up their wealth into the ultra-affluent bracket, but when the switch happens, it is likely to be permanent.”

The ultra-wealthy in California, New York and Texas currently exceed the combined total for China and India, according to the report.

U.S. wealth managers are hiring “hundreds of advisers” to handle the assets of the country’s super-rich, and the five top states, which also include Florida and Illinois, offer “massive potential” for family offices and estate and tax planners, Wealth-X said.

The Asia-Pacific region will eventually leapfrog North America in the ultra-wealthy segment as China’s thriving social media industry and a tripling of the number of college graduates over the past eight years create new entrepreneurs, Wealth-X said. The country currently has about 150 billionaires, Bloomberg said.

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