By Li Hongmei

Asia will have the world's largest number of millionaires as early as next year despite the expected tapering of the US Federal Reserve's stimulus program, according to a report published yesterday.

With strong growth and high saving rates, the wealth of the region's millionaires will grow by an annual average of 9.8 percent and reach nearly US$16 trillion in 2015, according to the wealth management unit of Royal Bank of Canada.

Despite concerns of devaluing asset prices due to capital outflows triggered by the Fed tapering, Asia is set to lead the world in the number of millionaires and their total wealth, the bank said in a report prepared with consulting firm Capgemini.