The world’s richest regions: Asia Pacific overtakes Europe
Asia Pacific (excluding Japan) leapfrogged Europe to become the world's second richest region last year, in a ranking by Boston Consulting Group (BCG).
The region counted $47.3 trillion in private wealth in 2014 surpassing Western Europe's $39.6 trillion, largely due to an increase in the number of new millionaires in India and China.
This meant it it took second place behind the ranking's leader North America, which had $50.8 trillion in private wealth.
But the report predicts that Asia Pacific (excluding Japan) will surpass North America as the world's wealthiest region in 2016.
"A strong 'old world versus new world' dynamic was observed, with the so-called new world growing at a far faster pace," it said.
"As in both 2012 and 2013, Asia Pacific remained the fastest-growing region in 2014."
"By contrast, growth rates in all 'old world' regions remained in the single digits, led by Western Europe and North America, and with Japan lagging somewhat behind."