Asia Pacific region overtakes Europe as world’s second richest region: BSG Report [ Current Affairs ]
Asia Pacific region has overtaken Europe as the world’s second richest region for the first time in terms of global wealth management. This Report was released by Boston Consulting Group (BCG), a global management consulting firm. Asia Pacific region has held around 47 trillion dollars in private wealth in 2014.North America region has remained as the world’s richest region with 51 trillion dollars.
- In 2016, Asia Pacific region is going to surpass North America region as world’s richest region with forecasted wealth to reach $57 trillion compared to $56 trillion of North America.
- In 2019, It is also projected that Asia Pacific region will hold 34 per cent of global wealth. The main reason for the growth in wealth in this region was due to increase in number of new millionaires in China and India.
- In 2014 the private financial wealth globally has grown by nearly 12 percent to $164 trillion. 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.
- 73 % or $13 trillion of private wealth growth was achieved through the growth of existing assets. While remainder 27 % of wealth growth or $5 trillion was generated by newly created wealth.
- Published on: June 24, 2015