The U.S. has pushed aside China as investors’ top country for asset price growth, according to a new report from BNY Mellon. In 2011 and 2012, China topped the list.

Almost half of the 730 investors surveyed (46%) chose the U.S. as the country or region they believed offered the best potential for asset price growth over the next 12 months. Only 42% chose China, 34% chose Southeast Asia, 30% chose Brazil, and 27% chose India.

Most were bullish about the global economy, with 72% saying they expect the global economy to improve over the next 12 months, up from 57% who said so in 2012.

While generally optimistic about the economy, investors expressed concern about economic overheating in emerging markets, especially Brazil and India, which appear to have fallen out of favor with investors this year.

More than half (53%) expect stocks to be the strongest-performing asset class. Equities in China, Southeast Asia and the U.S., in particular, are expected to produce strong asset price growth, according to the report.

The report, titled Search for Growth, is based on a global survey of 730 investors and corporate executives worldwide. It was conducted by the Economist Intelligence Unit.