Asia's community of high net wealth individuals (HNWI) overtook Europe for the first time in 2010 as the world's richest look set to pour more money back into equities and commodities 2012.

Asia-Pacific posted the strongest rate of HNWI population growth in 2010 with 3.3 million now qualifying, a rise of 9.7% from the previous year.

The new figures come from Merrill Lynch Global Wealth Management and Capgemini's 15th annual world wealth report released this week.

The combined wealth of Asia's HNWI grew 12.1% to US$10.8 trillion, compared to Europe's US$10.2 trillion, split between 3.1 million individuals.

Asia is now second only to North America.

Globally, HNWIs swelled to a population of 10.9 million with US$42.7 trillion of wealth.

The US accounts for 28.6% of the world's HNWIs, while Japan and Germany make up another 25%.

There was a notable shift from cash deposits and fixed income investments back into equities and commodities. By the end of 2010, HNWIs held 33% of their investments in equities, up from 29% in 2009.

"HNWI's are expected to increase their equity and commodities allocations even more in 2012 while reducing their allocations to real estate and cash/deposits," the report said.

"Regional preferences are less certain as the extent of emerging market opportunities will depend on whether those markets can push to new highs while economies are being weaned off government stimulus."