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Number of new ultra-wealthy in Asia outpaces that of North America: Knight Frank wealth report

ABOUT 15 people a day had their net worth crossing US$30 million last year - placing them among the ranks of the ultra-wealthy, a Knight Frank report on Thursday showed.

And many came from this part of the world, with Asia overtaking North America as the region with the second largest increase in ultra high net worth individuals (UHNWIs). Nearly 1,420 people here held more than US$30 million in their possession last year.

Europe still enjoyed the largest lift in numbers, with 1,834 new entrants.

"The geographic concentration of wealth remains a key trend - with 10 per cent of all additional growth in UHNWIs taking place in just five cities - Singapore, Hong Kong, New York, London and Mumbai over the next decade," said Liam Bailey, global head of research at Knight Frank, in the ninth edition of its wealth report.

With a total wealth of US$5.9 trillion, the ultra-wealthy in Asia now also hold more in net assets than those in North America. However, European UHNWIs still control the most wealth with US$6.4 trillion.

Knight Frank looks at net worth by excluding the individuals' principal residence. The report tracks the growing wealthy population in 108 cities.