North America and Europe are among the world’s most developed markets, finds a new report by Knight Frank and WealthInsight.

Although higher growth rates are projected for Africa (59%), Asia (48%), Latin America (50%) and the Middle East (40%) over the next decade, it adds, Europe will remain the largest region in terms of its number of multi-millionaires—this group includes wealthy individuals who have net assets of US$30 million or more, excluding their primary residences.

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Among Europe’s top five economies, the UK is expected to gain the largest number of wealthy people (its multi-millionaire population saw 4% growth in 2014). It also demonstrated significant GDP growth, while Germany, France, Italy and Spain lagged behind.

Next in line will be Asia, which is expected to overtake North America as the second largest hub for multi-millionaires. “Asia’s move into second place […] underlines the expected economic growth in many emerging economies in this region over the next ten years,” says Grainne Gilmore, head of UK Residential Research at Knight Frank.

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Ouliana Vlasova, head of content at WealthInsight, adds, “The measures taken to prevent another financial crisis and to fight deflation will contribute to the improvement of economic conditions over the next decade, says. Also, “government initiatives to support more entrepreneurs will be among the main drivers of millionaire growth in Europe.”

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That’s the case, she says, since entrepreneurs account for 48% of the world’s multimillionaires.

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