SINGAPORE, Sept 19: Asia-Pacific has overtaken North America as home to the most millionaires for the first time, boosted by a rise in the number of wealthy in China and Japan, a report released on Wednesday showed.

The region had 3.37 million high net worth individuals (HNWIs) in 2011 compared to North America’s 3.35 million, a study jointly published by consulting firm Capgemini and RBC Wealth Management found. Europe possessed 3.17 million HNWIs, which are defined as those having investable assets of $1 million or more excluding their primary residence and luxury possessions including art.

“Asia-Pacific is now home to more high net worth individuals than any other region for the first time,” Barend Janssens, head of emerging markets for RBC said..

Asia-Pacific overtook Europe in 2010 to take second place and a strong growth in the millionaire population coupled with a fall in the number of the rich in North America led to the region taking first, Janssens said. —AFP