Asia is rising fast to the top of the global wealth list, overtaking Europe in 2014 to nab the number two spot and looking set to replace North America as the world’s wealthiest region next year, according to a new report by the Boston Consulting Group.

The continued economic expansion of China and India is driving the wealth growth in the Asia Pacific region. Both enjoyed heavy investment in local equities last year, helping push global financial wealth up 12% to $164 trillion in 2014.