The population of high-net-worth individuals in Asia is set more than double over the next three years, and will hold a combined wealth of over $16 trillion, according to a report by wealth manager Julius Baer.

The Wealth Report: Asia, released on Tuesday, predicts that the high-net-worth population in the region, which stood at 1.16 million in 2010, will more than double over the next three years to 2.67 million individuals. The report said that this represented a compound annual growth rate of over 30%.