Asia Pacific region overtakes Europe as world’s second richest region: BSG Report
Asia Pacific region has overtaken Europe as the world’s second richest region for the first time in terms of global wealth management.
It was revealed in recently released report by Boston Consulting Group (BCG), a global management consulting firm.
Key highlights of report
- Asia Pacific region (excluding Japan) has held around 47 trillion dollars in private wealth in 2014.
- The main reason for the growth in wealth in this region was due to increase in number of new millionaires in China and India.
- North America region has remained as the world’s richest region with 51 trillion dollars.
- Asia Pacific region is going to surpass North America region in 2016 as world’s richest region with forecasted wealth to reach $57 trillion in 2016 compared to $56 trillion of North America.
- It is also projected that Asia Pacific region will hold 34 per cent of global wealth in 2019.
- Forecasted average growth rate of private wealth is expected to be around 6 percent per year. It is going to reach $222 trillion in 2019.
- In 2014 the private financial wealth globally has grown by nearly 12 percent to $164 trillion.
- Nearly three-quarters i.e. 73 percent or $13 trillion of private wealth growth was achieved through the growth of existing assets. While remainder 27 percent of wealth growth or $5 trillion was generated by newly created wealth.