New York: The ranks of millionaires in Asia for the first time surpassed Europe and in a few years are expected to overtake the United States, according to the latest annual Merrill Lynch-Capgemini World Wealth Report.
Powered by fast-growing China and India, the Asia-Pacific region's millionaire ranks rose 10 per cent to 3.3 million, second only to the 3.4 million residing in North America and inching ahead of Europe, which had 3.1 million.
Asia's combined wealth, up 12 per cent to $10.8 trillion last year, surpassed Europe and threatens to overtake the United States and Canada, where wealth rose 9 percent to $11.6 trillion.
"Their capital markets may be emerging, but their economies have clearly arrived," John Thiel, head of Merrill's private banking group and its "Thundering Herd" of 15,700 US brokers, told Reuters. "They're not 'emerging' anymore."...more
02:38 AM, Jun 23, 2011