Private wealth in Asia Pacific to race past North America

Private wealth in the Asia Pacific region (excluding Japan) is likely to exceed and overtake North America as the world’s richest region in 2016 according to a report.

“Private wealth in the region expanded by a steep 29 per cent in 2014, compared with 27 per cent the previous year, to reach $47 trillion. With a projected CAGR of almost 10 per cent, private wealth in the APAC region (excluding Japan) will rise to an estimated $75 trillion in 2019.

“At such a pace, the region is expected to overtake North America as the world’s richest region in 2016, with $57 trillion in private wealth,” according to a report titled Global Wealth 2015 — Winning the Growth Game by The Boston Consulting Group (BCG).

The private wealth in India and China have showed solid market gains, report said.

“While 2014 continued to see strong double-digit equity performance in some regions, such as MEA, Latin America, Asia-Pacific (excluding Japan), and North America, the year was also positive for onshore bonds, with double-digit performance in Eastern Europe, Latin America, and MEA.