The wealth of millionaires surged more than 8 percent last year, to $63.5 trillion, a report from global consultancy group Capgemini showed Thursday.
The number of millionaires, which is defined as those who own a minimum of investible assets of $1 million (excluding primary residence, collectibles and consumables) also expanded in 2016 at a rate of 7.5 percent on the year. In 2015, there had been a 4.9 percent growth.
"We confirm that global HNWI (high net worth individuals) wealth expansion is on track as projected, with faster growth in North America and Europe helping to offset a deceleration in Asia-Pacific. This is just one of many positive factors giving lift to the wealth management industry today," Anirban Bose, head of banking and capital markets at Capgemini said in the report.
Most of the wealth was in Asia-Pacific, but North America came just 0.8 percent short with 18 percent of the global wealth. Europe placed third with 14.7 percent.
Similarly, most millionaires resided in the Asia-Pacific region, 5.5 percent of them in total. North America followed suit, hosting 5.2 percent of the world's millionaires and Europe had 4.5 percent of millionaires.
Russia, Brazil, and Canada reversed previous declines and helped boost last year's figures.
"Russia recorded the fastest growth, at about 20 percent for both its HNWI population and wealth, following modest 2015 decreases. Brazil had double-digit increases in both population and wealth, following a significant decline in 2015," Capgemini said in a statement.
The study covers 71 countries, accounting for more than 98 percent of global gross national income.