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Message: <blockquote data-quote="Banks PLK" data-source="post: 10465023" data-attributes="member: 279320">The number of millionaires in Asia-Pacific has  jumped sharply to overtake Europe, a study revealed on Thursday, driven  by the fast-rising super-rich of Hong Kong. Millionaires  in the region — who have a total of almost $11 trillion — became worth  more collectively than their counterparts in Europe in 2009, but there  are also now more of them, at 3.3 million, versus 3.1 million in Europe.  The  report on high-net worth individuals (HNWIs) — defined as anyone with  investable assets of at least $1 million — 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 Global Wealth Management. “Now  the world’s second-biggest HNWI market in terms of population and  wealth, it is more pertinent than ever for the wealth management  industry to keep enhancing their service to this diverse region,” he  added. The region is now second only to North America, which has 3.4 million millionaires. The  number of millionaires in Hong Kong grew 33.3 percent in 2010 to  101,300, compared with 76,000 in 2009 — the second straight year in  which the city’s super-rich population grew the most. The  rocketing number of millionaires in the southern Chinese city was due  to a healthy economy as well as gains in the equities and real estate  markets, said the report. It also noted the fast growth of Indian millionaires, where the HNWI population became the world’s 12th largest in 2010, its highest placing. Six  out of 10 economies with the highest growth in HNWI population 2010  were from the Asia-Pacific, with Vietnam, Sri Lanka, Indonesia and  Singapore completing the region’s list. Asia,  which has emerged quickly from the global recession, has produced some  of the world’s richest people including Indian tycoon Mukesh Ambani and  Hong Kong’s Li Ka-shing, nicknamed “Superman” for his business prowess. The  Asian millionaires are collectively worth $10.8 trillion, up 12.1  percent from 2010 and more than the $10.2 trillion held by their  European counterparts. And researchers believe they will surpass North America’s $11.6 trillion soon. “It’s  getting there very close and I think it’s entirely conceivable that  Asia will overtake North America in the near future,” Wilson So, a  managing director at the Merrill Lynch Global Wealth Management told a  news conference. “I  will be surprised if that does not happen very soon,” said So, who  added that mainland China will also continue to see “high growth” in the  number of millionaires. The  number of mainland Chinese millionaires grew 12 percent to 535,000  people, the report said, fuelled by its stunning economic boom. The  world’s rich favoured luxury collectibles include private jets, yachts,  jewellery, wine and antiques as “passion investments”, the report said.  </blockquote>

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