The ranks of Asia-Pacific millionaires are likely to continue growing faster than those from developed countries as regional economies led by China and India power ahead, according to a report.

The study on high-net-worth individuals – defined as anyone with investable assets of at least $1 million – was issued by Merrill Lynch Global Wealth Management and consultancy firm Capgemini.

“Moving forward, China and India will lead the way in the region with economic expansion and HNWI growth likely to keep outpacing more developed economies,” the Asia-Pacific Wealth Report said.

It cited figures first released in a global study in June that showed the region’s millionaires numbered three million last year, up 25.8 per cent from the previous year and surpassing that of Europe for the first time.

Also last year, Asia-Pacific millionaires’ collective wealth totalled nearly $10 trillion, which was worth more than the combined riches of their European counterparts for the first time, it said.

“The region holds much promise and is a strategic focus for every wealth management firm with global aspirations,” said Wilson So, regional wealth management head at Merrill Lynch.

Australia, China and Japan accounted for 76.1 per cent of the region’s millionaires and 70 per cent of its wealth last year, the report said.

The number of millionaires in Hong Kong rose 104.4 per cent in 2009 year on year, the fastest growth in the world. Their combined wealth also soared 108.9 per cent, the biggest jump globally, the report said. In India, the millionaire population and collective wealth rose 51 per cent and 54 per cent, respectively, last year, the report said.

Japan was the single largest HNWI market in the Asia-Pacific last year, accounting for 54.6 per cent of the millionaire population and 40.3 per cent of the wealth, but the growth was slower compared to other Asian markets.

China remained the second-largest HNWI base in the region, and fourth-largest in the world, with 477,000 millionaires.