Entries in North America (6)


Report: Number of Millionaires in Asia Tops Those in North America

iStockphoto/Thinkstock(TORONTO) -- For the first time ever, the number of millionaires in the Asia-Pacific region surpassed those in North America last year, according to a new report by Capgemini and Royal Bank of Canada Wealth Management.

The World Wealth Report 2012 found that in 2011, there were 3.37 million high net worth individuals -- defined as those with having $1 million or more to invest -- in the Asia-Pacific region, a 1.6 percent increase from the year before.

In comparison, North America had 3.35 million, putting the region in second place.

North America, however, remained the largest region of wealth last year, with $11.4 trillion, according to the report.  The Asia-Pacific region followed with $10.7 trillion.


Copyright 2012 ABC News Radio


Toyota's North American Production Back to 100%

TED ALJIBE/AFP/Getty Images(TORRANCE, Calif.) -- For the first time since the earthquake and tsunami that rocked Japan earlier this year, Toyota has returned to normal production levels in the U.S.

The Japanese automaker announced Tuesday that its North American vehicle production is back to 100 percent, well ahead of schedule.  The company had predicted it would return to full capacity by November or December of this year.

Toyota was forced to cut back production after the March 11 disasters in Japan caused a shortage of Japanese-made parts.

The automaker makes 12 vehicles in North America, including the Camry, Corolla, Tacoma, RAV 4 and Highlander.

Copyright 2011 ABC News Radio


More Wealthy People in Asia Than Europe, Says New Report

Comstock/Thinkstock(WASHINGTON) -- Asia can now claim more millionaires than all of Europe combined, and the rapidly climbing number wealthy people in places like China is closing the gap with North America's number of millionaires and billionaires, according to the latest annual Merrill Lynch-Capgemini World Wealth Report.

Altogether, the number of millionaires and billionaires in the world was up 8.3 percent from 2009 to a total wealth of $42.7 trillion in the hands of the richest people in the world in 2010.

Although the average yearly income in many Asian economies is still very low -- in China it is still only $3,600 -- the number of high net worth individuals (HNWI) in the Asia-Pacific region expanded 9.7 percent to 3.3 million.

In Europe, there are 3.1 million HWNI's. North America still leads the pack of millionaires and billionaires with 3.4 million, but our growth rate is significantly lower than Asia's.

Along with those rising numbers of wealthy people comes a rising number of millionaires spending those millions.

"China's rich people have become what they are now only in the past 10 to 15 years," Chinese demolition tycoon and philanthropist Chen Guangiao, told ABC News last year.

"The thing that's unusual is that 30 years ago, there really weren't people of great wealth, so what you have is first-generation fortunes," billionaire Bill Gates said at a news conference in Shanghai last September.

One of the ultimate symbols of success is a private executive jet. Not surprisingly, sales are taking off in Asia, especially in China.

A $1.4 billion yacht port is currently under production in the Chinese city of Tianjin. The port, to become the largest in China at its completion, will hold 750 berths to accommodate luxury yachts up to 295 feet long.

However, the United States remains the world's largest yacht market with 17 million privately owned recreational boats, but that may change in the current trends in the movement of the world's wealth continue.

Copyright 2011 ABC News Radio


Toyota Cutting Back Production in North American Through June

TED ALJIBE/AFP/Getty Images(ERLANGER, Ky.) -- Toyota announced Tuesday it plans to cut back on production at its North American plants through early June due to parts shortages stemming from the March 11 earthquake and tsunami that struck Japan.

The Japanese automaker said it will continue to suspend production on Mondays and Fridays -- a schedule the company started on April 15 -- through June 3.  During that time span, production at the North American plants will operate at half capacity on the days they are open -- Tuesday, Wednesday and Thursday.

Production will also be suspended for the week of May 23 in Canada and for the week of May 30 in the U.S. to observe the Victoria Day holiday and the Memorial Day holiday, respectively.

Toyota said no layoffs are planned during this adjustment in production, and that it will determine its production rate beyond June 3 at a later date.

Copyright 2011 ABC News Radio


Toyota Denies Reports It's Shutting Down American Plants in April

TED ALJIBE/AFP/Getty Images(NEW YORK) -- Despite reports that Toyota will close down all of its North American plants later this month, the Japanese automaker has denied these claims, saying that no such decision has been made.

In a statement released Monday, Toyota said, "Contrary to recent headlines, nothing has changed from our update from March 23 regarding our North American operations."

That update stated production interruptions at its 13 North American plants are "likely" but that it was "too early to predict" where the interruptions will take place and how long they will last.

Toyota added that it continues to assess their supply base in Japan following the March 11 earthquake and tsunami.

Copyright 2011 ABC News Radio


Toyota 'Likely' to Curb Production in North American Plants

TED ALJIBE/AFP/Getty Images(NEW YORK) -- Amid a shortage of auto parts in Japan resulting from the March 11 earthquake and tsunami, Toyota announced Wednesday that it plans to curb production at its plants in North America.

In a statement, the Japanese automaker said, "We continue to assess our supply base in Japan following the earthquake/tsunami.  Today, we communicated to team members, associates and dealers here that some production interruptions in North America are likely."

Toyota added that it's "too early to predict" where the interruptions will take place and how long they will last.

Overtime at the automaker's 13 North American plants had previously been curtailed in an effort to conserve parts coming from Japanese suppliers.

Toyota also said Wednesday that its "dealerships continue to have an ample supply of vehicles," and that its "ships continue to deliver vehicles to North America."

Meanwhile, in Japan, although the production of vehicles remains suspended, plants have resumed the production of parts.  Toyota has not yet announced when vehicle production will resume in the country.

Copyright 2011 ABC News Radio

ABC News Radio