Asia is now richer than Europe
http://atimes.com/2015/06/asia-is-now-richer-than-europe/
Asia is now richer than Europe
By Asia Unhedged on June 18, 2015
The Asia Pacific region overtook Europe to become the worlds second wealthiest region in 2014, according to the Boston Consulting Groups annual global wealth report. It was the first time this happened in the 15-year history of the survey of households worth more than $1 million.
With a slew of new millionaires in China and India, the combined wealth of Asia Pacifics richest individuals jumped 29% to $47 trillion. North America grew 5.6% and continued to hold the No. 1 spot with $50.8 trillion in private wealth. However, the survey predicts Asia will surpass that next year with $57 trillion.
Overall, the worlds ultra-rich saw their total wealth grow 12%, or $17.5 trillion, to $164 trillion about 10 times the size of U.S. gross domestic product.
We have seen a really strong equity market that has had a very strong effect on existing assets, Daniel Kessler, global leader of BCGs wealth management division, told the Guardian newspaper. But looking forward, we assume a moderation in the market performance, with the main difference the newly created wealth in Asia. Two-thirds of the growth in Asia-Pacific is coming from entrepreneurs. We expect Asia-Pacific to add $27.8 trillion (to the wealth of the regions richest) over the next five years, of which 70% will be China and 15% India.