The ultra-high-net-worth populations in Europe and Asia are shifting and those dealing with this exclusive population need to be aware of the causes and effects, according to a new study by Wealth-X.

The population with $30 million or more in assets is declining slightly in Italy and France, while increasing in Germany, according to the study.

At the same time the number of billionaires in Indonesia has now topped those in Italy and France, said Wealth-X, a research firm that focuses on the ultra-high-net-worth.

There are now 22,612 individuals with $30 million or more in the three European countries. France, with 2,177, has lost 63 since the beginning of the year; Italy has lost 121 for a total of 4,279; and Germany has gained 231 for a total of 16,156.

The ultra-high-net-worth populations in the three countries hold $2.9 trillion in assets, according to Wealth-X.

The number of billionaires in Indonesia (25) now tops France (15) and Italy (18), reflecting the growth in Asian wealth.

Because of the European economic crisis, Italy and France are contemplating changes in tax laws that will be detrimental to the ultra-wealthy, according to the firm. The average age of the ultra-wealthy in Italy is 62, in France 61, and in Germany 59.

"Finance professionals who engage with these ultra-high-net-worth populations should consider targeting wealth transfer and inheritance tax implications," Weath X said in a prepared statement. "Shifts in capital flows reflect the deep desire for wealth preservation amongst the ultra-high-net-worth population in the [Eurozone] region."

"As the crisis continues and the need for states to rejuvenate finances intensifies, official focus on taxes and related issues will escalate," Wealth-X added.

The credit downgrades for European countries, including Italy, Portugal, Spain and Greece, have caused capital to leave those counties and go to safe havens such as Germany and the United Kingdom, according to the study, which noted that some money is now flowing to Asian wealth management hubs as well.

"These capital outflows reflect unease regarding the stability of the union and the possibility of countries exiting the monetary union. Viewed collectively, these flows represent the impetus towards wealth preservation, particularly evident among the ultra-high-net-worth population," the Wealth-X study said.

-Karen DeMasters