Asia now has more high net worth individuals (HNWI) than Europe, according to Merril Lynch’s 2011 World Wealth Report.
The report states that the Asia-Pacific HNWI population expanded 9.7% to 3.3 million, while Europe’s grew 6.3% to 3.1 million. This is the first time this has happened, the report states.
A HNWI is defined as someone “investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables”.
The FT notes that the report “indicates that millionaires in European countries with high levels of debt and sluggish economic growth are struggling to keep pace with their Asian peers”.
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