OFF INTO THE WILD WET YONDER How does this...
Asians Will Be the World’s Wealthiest by 2018
The Boston Consulting Group (BCG) has said in its annual report, Global Wealth 2014, that the Asia–Pacific region excluding Japan will be the wealthiest in the world in terms of private wealth. The report defines private wealth as cash, deposits, and securities, but excludes real estate.
The report also predicts that the region will record an average annual growth rate of approximately 10% by 2018.
Private wealth in the region jumped 31%, to US$37 trillion, in 2013 alone, driving a 15% advance, to US$152 trillion, globally.
Global stock markets contributed the most to this private wealth increase, averaging a robust 21% gain in 2013. “Equity markets were up huge last year and that impacted the total wealth in the world,” according to Brent Beardsley, a BCG senior partner and co-author of the report.
Wealth managers and private bankers must be licking their chops while daydreaming about all the future potential of the region. 2013 was an outstanding year for money managers with “the Asia–Pacific region accounted for the strongest growth.”
BCG predicts affluent households to have nearly US$200 trillion globally by 2018, with the Asia–Pacific region supporting about half of that number. Regional assets will help Hong Kong and Singapore encroach on Switzerland as the world’s No. 1 offshore private-banking center.