The Asia-Pacific region has become home to more dollar millionaires than anywhere else in the world, after overtaking North America, despite plunging stock markets wiping out the wealth of many high net worth individuals in India and Hong Kong.

The number of HNWIs in Asia-Pacific climbed 1.6% last year to 3.37 million, according to the latest annual World Wealth Report, published by Capgemini. This compares with 3.35 million in North America, where the number fell by 1.1%.