Asia to become top destination for expat millionaires in 2014

The super-wealthy who once headed for the USA are now changing direction and searching out luxury property hotspots all across Asia.Australia,

China, India and the rest of the Asia-Pacific region were favourites for the mega-rich between 2007 and 2012, during which time the region's population of millionaires doubled and tripled over that of the rest of the world. In 2011, the region was seen as the most desirable for those with serious money, toppling the USA due to its struggles with the aftermath of the financial crisis.

By the end of last year, the USA was back on top, but pundits believe that Asia–Pacific is due to rise again and stay at the top for an indefinite period. According to the 2013 Asia-Pacific Wealth Report, the number of super-rich in the region will increase by 10 per cent per annum over the next few years.

Millionaire wealth in total is expected to hit more than US$15.9 trillion by 2015, and the financial centres of Hong Kong and Singapore are expected to benefit hugely from the increase as Asians in general prefer to trust other Asians and their businesses. Japan and Taiwan may be exceptions to the rapid growth expected, as they were the only two countries which reported gains in their millionaire populations of less than 10 per cent.