23 Jun '11, 9am

Asia has more millionaires than Europe: study

Asia has more millionaires than Europe: study

The founder and a member of a millionaire club in Singapore. -- ST PHOTO: WANG HUI FEN HONG KONG - THE number of millionaires in Asia-Pacific has jumped sharply to overtake Europe, a study said on Thursday, driven by the fast-rising super-rich population of Hong Kong. Millionaires in Asia-Pacific became worth more collectively than their counterparts in Europe in 2009, but there are also now more of them, at 3.3 million in the region, versus 3.1 million in Europe. The report on high-net worth individuals (HNWIs) - defined as anyone with investable assets of at least one million US dollars - was issued by Merrill Lynch Global Wealth Management and consultancy firm Capgemini. 'Asia-Pacific's continued strong performance cements the region's strategic importance to every wealth management firm with global aspirations,' said Michael Benz, Asia-Pacific head of Merrill Lynch Glo...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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