Millionaires in Asia are wealthier than their counterparts in other regions of the world, including North America and Europe, according to a report by the Capgemini consulting firm.
According to the report, Asian millionaires’ wealth was worth $17.4 trillion in 2015, more than double the $8.4 trillion in 2006. In North America, millionaires saw their wealth increase from $11.2 trillion to $16.6 trillion over the same time period.
Moreover, the sheer number of millionaires in Asia grew by 9.4 percent over last year. The report said there were 5.1 million Asian millionaires in 2015, the majority, 2.7 million coming from Japan and another one million from China. The U.S., by contrast, had 4.5 millionaires.
The report found that Asian millionaires increased their wealth by nearly 10 percent in 2015 compared to just over 2 percent in the U.S. and Canada.
The report said Latin American millionaires fared the worst, seeing their fortunes reduced by 3.7 percent, which was caused by volatility in the Brazilian stock market. European millionaires, meanwhile, saw a 4.8 percent increase in wealth.
Asian millionaires’ wealth is largely centered around financial services, technology and healthcare.
"It's a more entrepreneurial source of wealth," said Bill Sullivan, head of global financial services market intelligence at Capgemini, according to CNN.
According to the BBC, millionaires were worth $60 trillion globally last year, a 400 percent jump from 30 years ago. It could be as much as $100 trillion by 2015, Capgemini said.