Crisis, what crisis? Shrugging off a sluggish eurozone and weak global recovery, the Asia-Pacific region is forecast to eclipse North America as the world’s biggest source of wealth in just four years, aided by the newly rich of China and India.
The prediction came in the Boston Consulting Group’s (BCG) latest annual study of the world’s wealth management industry, which revealed 2012 as a bumper year for private wealth even amid a sluggish world economy.
While the “old money” of North America and Europe were the wealthiest regions of 2012, accounting for $43.3 trillion and $35.8 trillion of private wealth respectively, the Asia-Pacific region (excluding Japan) saw the biggest rise, climbing 13.8 percent to $28 trillion. READ MORE