(TORONTO) — For the first time ever, the number of millionaires in the Asia-Pacific region surpassed those in North America last year, according to a new report by Capgemini and Royal Bank of Canada Wealth Management.
The World Wealth Report 2012 found that in 2011, there were 3.37 million high net worth individuals — defined as those with having $1 million or more to invest — in the Asia-Pacific region, a 1.6 percent increase from the year before.
In comparison, North America had 3.35 million, putting the region in second place.
North America, however, remained the largest region of wealth last year, with $11.4 trillion, according to the report. The Asia-Pacific region followed with $10.7 trillion.
Copyright 2012 ABC News Radio
Sam Turner, Deseret News
Tara Bench, KSL.com
Jethro Mullen Ivana Kottasova and Patrick Gillespie, CNN