Washington  - Europe has become the world's richest region, overtaking North America as the global economic crisis drained mass amounts of wealth worldwide, according to a private US study Tuesday.

Global wealth, measured in assets under management, tumbled 11.7 per cent from 104.7 trillion dollars in 2007 to 92.4 trillion dollars in 2008, according to the Boston Consulting Group, a management consulting firm.

Wealth in North America plunged more than any other region, falling 21.8 per cent to 29.3 trillion dollars. The continent holds more of its wealth in stocks than any other region, leaving it most vulnerable to Wall Street's downturn.

Europe's wealth fell just 5.8 per cent by contrast, allowing the continent to take the top regional spot with a total wealth of 32.7 trillion dollars.

The number of households worth more than 1 million dollars worldwide dropped from 11 million to 9 million in 2008. North America still had the highest number of millionaires, at 4 million.  dpa