According to the latest World Wealth Report 2013, released by Capgemini and RBC Wealth Management, the total global HNWI population in 2012 was 12 million, an increase of 9.2% on the previous year.

In the study, a high net worth individual was defined as anyone with $1m (£641,000) or more in “investable assets”, not including the value of a main home and of any “consumer durables” such as cars.

Collectively these 12 million HNWIs owned assets worth $46.2trn, a 10% increase on 2011. This is three times the annual output from the US economy.

The HNWI population country ranking saw the UK as the fifth largest country.

The total number of UK HNWIs increased by 5.4% to reach 465,000 in 2012, with their wealth expanding to US$1.6trn in 2012, representing a 5.4% increase from 2011.

North America reclaimed the top spot, creating more wealth and wealthy individuals last year, despite being surpassed by Asia-Pacific the year before.

North America’s population of 3.73 million HNWIs surpassed Asia-Pacific’s 3.68 million, while its HNWI wealth reached US$12.trn, above the US$12.0trn in the Asia-Pacific region.

All regions experienced strong growth in HNWI population and wealth except Latin America, which led growth in 2011, but faltered in 2012 due to slow GDP growth and challenged equity markets.

Jean Lassignardie of Capgemini Global Financial Services said: “HNWI population increases were strong in 2012. However, North America’s lead in both population and wealth is likely to be eclipsed again in the future by Asia-Pacific.

“Interestingly, while North America led in HNWI population, Asia-Pacific actually had a higher overall wealth growth rate at 12.2%, compared to North America’s 11.7%.”

Asset allocation trends followed the preservation trend, with almost 30% of HNWI wealth held in cash and deposits.

Regional differences were clear with equities taking up the largest portion of North American HNWI portfolios (3%), while HNWIs in Latin America and Asia-Pacific (excluding Japan) preferred real estate (30% and 25% of portfolios respectively).

In the UK, HNWI asset allocations favoured cash/deposits at 28% and real estate at 26%.

M. George Lewis from RBC Wealth Management & RBC Insurance said: “Despite a marked focus on capital preservation and high cash allocations, high net worth individuals achieved a record level of wealth in 2012, suggesting further growth lies ahead if trust and confidence in the markets increase further.”