Asian Millionaires Outnumber Their European Counterpart

      June 24, 2011 12:34

      Millionaires in Asia and the Pacific outnumber their European counterparts for the first time. According to the World Wealth Report published by global investment bank Merrill Lynch on Wednesday, the number of people in the region with assets valued at more than US$1 million excluding their homes stood at 3.3 million last year.

      Asians came second after North America's 3.4 million but overtook Europe's 3.1 million, AP reported.

      The number of Asian millionaires increased 9.7 percent from 3 million in 2009, while Europe saw a 6.3 percent rise. In terms of asset size, Asian millionaires' wealth amounted to a combined $10.8 trillion, coming just behind the Americans' 11.6 million but ahead of the Europeans’ $10.2 trillion.

      Powered by China and India, the Asian economy has grown faster than that of developed countries and, in the process, minted many new millionaires. An expert at Merrill Lynch Global Wealth Management said Asia will overtake North America as well in the near future.

      There were 10.9 million millionaires worldwide worth a total of $42.7 trillion. By country, the U.S., Japan, and Germany accounted for just over half the world's wealthy, followed by China with 535,000 millionaires. India joined the top 12 for the first time.

      The number of super-rich worth more than $30 million was 103,000 last year, up 10 percent year-on-year.

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