The two emerging markets will hold the steering wheel as the region's wealth market swells further, according to the Asia-Pacific Wealth Report 2015.

China and India will steer wealth growth in Asia-Pacific, according to a new report by Capgemini and RBC Wealth Management.

The wealth of Asia-Pacific’s high net worth individuals is expected to grow by 10 per cent annually, according to the report. The region has already overtaken North America with the largest HNW individual population (4.69 million versus 4.68 million), according to the recent World Wealth Report 2015, and is expected to surpass North America’s HNWI wealth of $16.2 trillion by the end of the year.

The glowing forecast comes in spite of China's recent economic woes. China and India, the latter of which has seen a wave of optimism since Narendra Modi came into power with a reform agenda last year, were singled out as key drivers of wealth both regionally and globally. The two countries represent nearly 10 per cent of global HNWI wealth, and account for 17 per cent of the global jump in new wealth since 2006, adding $3.2 trillion during that time.

“Asia-Pacific continues its tremendous run in wealth creation and doesn’t appear to be slowing down anytime soon,” said the head of RBC Wealth Management – Asia, Barend Janssens. “Despite some recent economic issues, the region’s wealth is expected to lead global growth and with this, will provide tremendous opportunities for the wealth management firms that are well positioned to meet the increasingly complex needs of HNWIs in Asia-Pacific.”

Last year, India boasted the largest gains - both in the region and globally. As its HNWI population grew 26.3 per cent to 198,000, its HNWI wealth was up 28.2 per cent to $785 billion. Meanwhile, China's HNWI population grew by 17.5 per cent to 890,000, while wealth increased 19.3 per cent to $4.5 trillion.

In contrast, Singapore's HNWI population and wealth recorded sluggish growth rates, of 2.2 per cent and 3.9 per cent respectively. Hong Kong, however, boosted its HNWI population and wealth by 11.2 per cent and 13.1 per cent respectively.

In other revelations, Asia-Pacific’s ultra-high net worth individuals – those with more than $30 million in investable assets – made up less than 1 per cent of the region’s millionaires in 2014, but generated over a quarter of the wealth.