Shanghai (2)

Millionaires in Asia now have more money than their counterparts anywhere in the world, according to finance firm Capgemini.

Asian millionaires held an estimated $17.4 trillion of wealth, with North America the next richest on $16.6tn.

Collectively, millionaires around the world held $60tn - a figure which Capgemini believes could rise to $100tn as soon as 2025.

The finance firm said Asia's rise was driven by millionaires in China and Japan, despite sluggish economies in their respective countries.

Capgemini said: "If past growth rates hold, Asia-Pacific is likely to continue to be a dominant force over the next decade, representing two-fifths of the world's HNWI wealth, more than that of Europe, Latin America, and the Middle East and Africa combined."

The US does, however, have more millionaires that anywhere else at 4.45 million. The UK has the fifth largest number, but it rose just 1% to 533,000 over the past year. Europe saw a 4.8% rise in wealth of its millionaires, driven by the Spanish.