Asia's millionaires set to overtake North America's

THIS year, the number of millionaires in Asia is expected to surpass that in North America. By next year, the wealth that these Asian millionaires hold will also overtake that of their North American counterparts, predicted a report by Capgemini Financial Services and RBC Wealth Management.

The two regions are already about neck and neck in the number of such high net worth individuals (HNWIs): Asia-Pacific has 4.32 million of them and North America 4.33 million. Together, they account for almost two thirds of the 13.7 million HNWIs in the world.

In terms of investable wealth, Asians hold US$14.2 trillion, and North Americans US$14.9 trillion. Together, they make up just over half of the world's US$52.6 trillion of HNWI wealth.