Balance of wealth shifts U.S. to No. 2

Boston Consulting Group said Europe is now wealthier than North America in terms of assets under management.

Europe, where asset values dropped 5.8 percent from 2008, is worth 36.6 trillion -- a quarter of the globe's wealth, the Euobserver reported Wednesday.

The United States still boasts the most millionaires with nearly 4 million.

The study also found wealth among families with under $132,411 in total assets increased 2 percent in 2008, while the value of assets among families worth $6.6 million or more dropped 21.5 percent, meaning the gap between the rich and the poor has shrunk, the report said.

Copyright 2009 by United Press International.