World's wealth set to shift to Asia from US and Europe

The world's wealth has typically been concentrated in the US and Europe. But according to a new report, Asia is set to overtake the West as early as next year.

In the last year the number of wealthy individuals in Asia increased by about 9% to 3.7 million people. While their wealth rose by more than 12% to reach $12 trillion.

India, Hong Kong and Indonesia saw the highest growth rates.

So what is behind this global shift? Barend Janssens from Royal Bank of Canada Wealth Management, which co-authored the report, explains.