In the Economist:
Last year, global private wealth grew by 12%, or $17.5 trillion, to reach $164 trillion (in stocks, bonds, savings and cash) according to a report released this week by BCG, a consultancy. Good news for many, but particularly for Asia, where private wealth grew by a whopping 29% compared to 5.6% in North America and 6.6% in Europe.How did they do it? Here are some answers.
For the first time in modern history, Asia is now richer than Europe. And it is catching up with North America too; by 2019 the region’s wealth is expected to reach $75 trillion compared to $63 trillion in North America. And although America is still the country with by far the most millionaires in the world, of the 2m new millionaire households created last year 62% are from Asia-Pacific. China is the main driver here; it will account for 70% of Asia’s growth between now and 2019, predicts BCG, and by 2021 it will overtake America as the world’s wealthiest nation...[continue reading]