There will be 17.3 million individuals around the world with a worth of $1 million or more by the end of this year, a record figure, with the Asian region driving growth in future, according to the Wealth Profile report by Ledbury Research.

The growth rate in the number of millionaires will continue, rising 28 per cent over the next four years to reach 22.1 million by 2015, the UK-based research firm said today.

Its report, if borne out by events, is broadly positive for the global wealth management industry and highlights why Western banks have devoted resources to the Asian region in recent years. South and Central Asia are expected to see HNW populations rise by 105 per cent over the next four years, while Eastern Europe will see a rise of 66 per cent. South and Central America are expected to leap 49 per cent.

Among the regional points, Ledbury’s report said that North America is still home to the largest number of millionaires (6.2 million); followed by Western Europe (4.8 million).  However, the growth in Europe has been sluggish, growing only 2 per cent since the 2008 lows (compared with 12 per cent in North America).

At the end of 2011 there will be 60,000 individuals worth more than $100 million: the world’s “centamillionaires”.