The report added that Kuwaitis third in assets that are worth US$150 billion. The report noted that Islamic funds remain slow in developing their structures, despite increasing demand for Islamic finance services in the region and the world; especially that there are 1030 funds that triggered growth in managed assets to reach US$64 billion by end of October.

The research report, which is about wealth and funds management, has said that the world’s population of HNWIs grew by a marginal 0.8% y-o-y to 11.0 million in 2011, after witnessing robust growth rates of 17.1% y-o-y in 2009 and 8.3% y-o-y in 2010.

The aggregate financial wealth of these HNWIs however declined by 1.7% y-o-y to US$42 trillion in 2011, mainly due to challenging global macroeconomic conditions and volatile global financial markets.

To compare, the aggregate financial wealth of HNWIs had gained 18.9% y-o-y in 2009 and 9.7% y-o-y in 2010 given the significant rebound from crisis-related losses post the global financial crisis, the report revealed.

Asia Pacific region was found to be the best performer, with the number of HNWIs in the region having risen by 1.6% year on year to 3.37 million individuals in 2011, being the first time that Asia Pacific surpassed North America in terms of HNWIs.

However in terms of asset values, the financial wealth of Asia Pacific HNWIs stood at US$10.7 trillion in 2011, a slight decline of 1.1% y-o-y. In 2011, Hong Kong and India were hit by declines in their equity markets capitalization. In Hong Kong, concerns on the European sovereign debt crisis weighed on the outlook for growth.

Meanwhile in India, sentiments were dragged down by the lack of faith in the country’s political process and the slow pace of domestic reforms. Elsewhere in Singapore, financial wealth was impacted by the sharp drop in export revenues. In contrast, Thailand’s financial wealth increased on the back of significant real estate gains as well as a solid growth performance.

According to the report, North America’s HNWIs were at 3.35 million individuals in 2011, almost unchanged from the previous year. North America continued to dominate the largest share of the global HNWIs’ financial wealth in 2011. At US$11.4 trillion, North America HWNIs’ total financial wealth declined by 2.3% y-o-y in 2011.

In Europe, the number of HNWIs grew by 1.1% y-o-y to 3.17 million individuals in 2011, supported by the growing number of HNWIs in Russia, the Netherlands and Switzerland. The aggregate financial wealth of European HNWIs however declined by 1.1% y-o-y to US$10.1 trillion impacted by the on-going European sovereign debt crisis and investors adopted more cautious and risk-averse investment approach.

In the Middle East, the number of HNWIs increased by 2.7% y-o-y to 0.45 million individuals. Total financial wealth of the Middle East HNWIs grew by 0.7% y-o-y to US$1.7 trillion.

Globally, the US, Japan and Germany combined accounted for 53.3% of the world’s HNWI population in 2011, up from 53.1% in 2010. However, the share of global HNWI population held by these three countries combined has been eroding gradually from 54.7% in 2006.

The HNWIs of emerging and development countries continue to grow faster than those of the developed countries, the publishers of the report said.