Asia Wealthiest Region for 1st Time: Asia

is now the wealthiest region in the world for the first time, cruising past Europe, reports the Wall Street


While global household wealth fell 5.2 percent over the year ending in June, Asia's didn't fall as much as former leader Europe's, which was

hampered by its debt crisis, as well as falling world economic growth.

A new study by bank Credit Suisse

also said Asians will get wealthier more quickly than anyone else in the world over the next few years.

The region already has more millionaires than the United States — mostly in China and Japan — and is

expected to add 70 percent more in the next five years.

As for individual countries, Switzerland is still

the wealthiest, at average wealth of $468,000 per adult, followed by Australia at $355,000 per adult and Japan at

$270,000. The U.S. ranked seventh, shows $262,000 per adult.