The Boston Consulting Group (BCG) have released their annual report which stated that Asia has surpassed Europe as the world’s second-richest region.
Moreover, Asia is predicted to possess 34% of global wealth by 2019.
North America, with private wealth of $51 trillion, still leads the world in private wealth, but is expected to be surpassed by Asia by this time next year.
Stable Western and Asian economies accompanied by strong gains in the stock and bond markets have allowed global private financial wealth to expand by nearly 12% last year to $164tn.
The BCG highlighted a powerful “old world versus new world” scenario, with the “new world growing at a far faster pace,” the report noted.
“As in both 2012 and 2013, Asia-Pacific (excluding Japan) remained the fastest-growing region in 2014, by contrast, growth rates in all ‘old world’ regions remained in the single digits, led by Western Europe and North America, and with Japan lagging somewhat behind.”.