As China.org.cn reports, China created 1 million new millionaires last year as the country's booming stock market bolstered the ranks of the wealthy, according to a global wealth report released on Monday.
The US maintained the largest number of millionaires last year at about 6.9 million. China was in second place with 3.6 million, followed by Japan with 1.1 million, according to the Global Wealth 2015: Winning the Growth Game, released by The Boston Consulting Group.
For the first time, Asia Pacific (excluding Japan) passed Europe in wealth, totaling $47.3 trillion to $42.5 trillion, the report showed. It predicted that the Asia-Pacific region will probably become the richest region in the world next year with an estimated $57 trillion of private wealth, surpassing North America's projected $56 trillion.
"When it comes to wealth, Asia is the place to be," said Federico Burgoni, partner and leader of BCG's asset and wealth management segment in the Asia-Pacific region. "China and India are speed driving the growth in Asia Pacific, but Indonesia and Thailand are also producing growth.
The report said current political and economic tensions, such as those in the Middle East and Latin America, continue to spur the wealthy to seek offshore locations to manage their wealth. As for offshore wealth booked in Asia Pacific, Singapore (31 percent) and Hong Kong (15 percent) remained the top destinations.
BCG said Switzerland will need to reinvent itself to turn back the threat from fast-developing Asian booking centers as preferred global locations for offshore wealth.