The wealth of the richest Asians has surpassed that of Europe's for the first time as the region's stock and property prices rebound from the global recession. That's according to the 2010 World Wealth Report by Merrill Lynch Wealth Management and Cap-gemini.
Asia's high net worth individuals are defined as those with liquid assets of at least one million US dollars. The combined wealth of the group jumped 31 percent last year to 9.7 trillion US dollars, exceding Europe's 9.5 trillion dollars.
The report says Asian wealth was bolstered by a regional economy that expanded 4.5 percent in 2009 despite global GDP contracting 2 percent. India and China led the growth. The number of millionaires in India rose 51 percent last year.
Sudeep Chabbra, Head of Marketing of India's Emporio Mall said "We are a big, huge, growing economy and you have the right market sitting there to be tapped so it is very logical to say India is the next big thing. I would say it is a mixed kind of clientele, a lot of it is entrepreneurial but we are seeing more and more working people come in. The so called "double income no kids variety", you know, the DINKS. We only see the market growing."