Asian millionaires now control more wealth than millionaires in North America, Europe and the rest of the world, according to a report by consulting group Capgemini.
By the end of 2015, Asian millionaires were worth $17.39 trillion, which was slightly ahead of North America’s $16.61 trillion.
Millionaires in Asia also saw their wealth jump by 9.9%, compared to the United States and Canada, which only saw a 2.3% growth due to poor performance in equity markets. Europe saw a steady growth of 4.8%, while Latin America fell by 3.7% due to political instability and the turbulent stock market in Brazil.
China in particular had the fastest growth at 16.2% and is expected to grow even further in the years to come, according to Forbes. Most of the wealth in Asia is driven by financial services, high tech and health care industries.
Capgemini predicts that the net worth of the world will surpass $100 trillion by 2025.