Asia-Pacific millionaires are collectively worth more than their European counterparts for the first time, with the rich in China and India leading the way.

The report on high-net worth individuals (HNWIs) — defined as anyone with investible assets of at least one million US dollars — was issued by Merrill Lynch Global Wealth Management and consultancy firm Capgemini.

The world’s population of HNWIs returned to 10 million in 2009, with the largest concentrations still found in the United States, Japan and Germany.

“The Asia-Pacific HNWI population rose 25.8 percent overall to three million, catching up with Europe for the first time, after falling 14.2 percent in 2008″.

The ranks of the world’s millionaires shrank at the fastest rate in 2008, with North America suffering the biggest wealth loss worldwide, according to a survey by Capgemini and Merrill Lynch & Co.

The global slump in property and equity markets last year cut the number of millionaires by 15 percent to 8.6 million, wiping out two years of increases, the firms said in their 13th annual World Wealth Report published today.

The value of the world’s millionaires’ assets slid 20 percent to $32.8 trillion, after a 9.4 percent increase the previous year, the survey said [...]

Bank of America is selling three corporate jets from its fleet, as well as a helicopter it acquired through its purchase of Merrill Lynch, the company said yesterday.

In addition, the bank is believed to be trying to sell one of its corporate apartments in New York, according to a source familiar with the matter.

The dramatic downsizing came on a day when the bank’s share price dipped below $5 for the first time since 1990. The news follows the fact that both Citigroup and Starbucks have put planes on the market recently.

China now has more super rich than Japan, mostly entrepreneurs benefiting from the country’s surging economic growth. According to a survey released by Capgemini and Merrill Lynch on Sept. 25, at the end of 2007 China boasted more than 6,000 people worth more than $30 million a piece, excluding their principal residence. Japan only had about 5,300.

Japan however is still home to 56 percent of high net worth individuals in the Asia-Pacific region, or 1.5 million Japanese with US$1 million or more in investible assets excluding their primary residence.

India and Vietnam are also seeing a fast expanding pool of wealthy residents. Like China, they saw the number of millionaires increase by more than 20 percent last year, according to this year’s Asia-Pacific Wealth Report.

Japan’s millionaires have mostly inherited wealth, making them far more risk-averse than the rich in emerging economies like China and Vietnam, who tend to be first-generation wealthy and far more willing to take chances with their money, Capgemini said.

Hong Kong’s 95,000 millionaires, led by a clutch of property tycoons, have the highest average net worth in the region at U$5.4 million, compared with a global average of US$4 million.

The region’s 2.8 million high net worth individuals account for nearly a third of the world’s millionaire population. In addition, Asia’s still solid economic growth should continue to boost the number of high net worth individuals by 8 percent this year and for each of the next four years. By 2012 their wealth should reach US$13.9 trillion, up from US$9.5 trillion in 2007, the survey predicted.

For quite some time the American express Centurion card or commonly known as the American black was a highly coveted item.

For users of the American black there is no such thing as credit limits ordinary folks have to put up with.

The estimate is that at the moment there approximately 17,000 black cards in circulation.

However to be eligible for the American express black you must charge 250,000 per year. The initiation fee will set you back for $5000, while the annual fee is $2500.

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