Asia-Pacific drives global wealth growth

09:16, June 13, 2010      

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Wealth in Asia-Pacific grew faster than in other regions around the world in 2009, a new global study released Friday said.

The region, excluding Japan, added 22 percent, or $3.1 trillion, to its coffers from the end of 2007, a study conducted by US-based business advisory firm Boston Consulting Group (BCG) stated.

"That was nearly double the global rate," the report said.

Latin American wealth grew second-fastest, registering a 16 percent rise.

The Asia-Pacific region's pace of wealth growth trumped North America, which had the largest global absolute increase in wealth at $4.6 trillion representing a 15 percent growth.

Wealth is also tipped to grow in Asia-Pacific at a faster rate than its global counterparts in the next four years, said BCG partner Tjun Tang. "We expect Asia-Pacific, excluding Japan, to grow at nearly twice the global rate, raising its share of global wealth from 15 percent in 2009 to almost 20 percent in 2014."

Globally, wealth increased by 11.5 percent to $111.5 trillion, just short of the year-end peak reached in 2007, with BCG projecting global wealth to grow at an average annual rate of nearly 6 percent to 2014.

The number of millionaire households worldwide also rose almost 14 percent to 11.2 million, with Asia-Pacific countries leading the pack.

"Singapore saw the highest growth in millionaire households, up 35 percent, followed by 33 percent for Malaysia, 32 percent for Slovakia, and 31 percent for China," said the report.

Source: Global Times


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