The net wealth of Asian millionaires has eclipsed that of rich Europeans for the first time, largely because of the relative health of stock markets in Hong Kong, India and China last year, according to a new survey.
The annual Merrill Lynch Wealth Management /Capgemini analysis of investors with $1m or more in assets found that as of late last year, there were 3m millionaires in both the Asia- Pacific and Europe. The survey quantified the wealth held in Asia at $9,700bn, just ahead of the $9,500bn in Europe.
Nick Tucker, head of Merrill Lynch Wealth Management's operations for the UK and Ireland, said: “It's not a bubble. Asia has caught up with Europe in terms of its high-net worth population and their wealth.”
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