The Millionaire Report: Asia Rising

The latest sign of Asia's growing economic strength: For the first time, Asia's millionaires have more money than Europe's millionaires, according to a new report.

Asia’s high-net-worth individuals – defined as those with investable assets of at least $1 million – control a combined $9.7 trillion, compared to $9.5 trillion controlled by Europe's rich. In the U.S., millionaires control $10.7 trillion.

A few more interesting tidbits from the report:

• In India the number of millionaires grew by 51 percent last year, to a total of 127,000 -- fast growth, but still a relatively low number, given that the population is over 1 billion.
• Eight of the world's 10 fastest-growing millionaire populations are in Asia.
• The rich remain highly concentrated in three countries: the U.S., Japan and Germany, which account for 54 percent of the world’s millionaires but only 8 percent of the world's population.
• Even as the global economy contracted last year, the number of millionaires grew by 17 percent.
• The super-rich control a disproportionate amount of wealth. Fewer than one percent of all millionaires have $30 million or more in investable assets. But that tiny group controls 36 percent of the wealth held by the world's millionaires.

The report was published by Capgemini, a consulting firm, and Merrill Lynch Wealth Management, which is part of Bank of America.