Wealth in Asia-Pacific grew faster than in other regions around the world in 2009, according to a new global study.
The region, excluding Japan, added 22 percent, or 3.1 trillion dollars (S$4.3 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, released on Friday, 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 dollars representing a 15 percent growth.
Wealth is also tipped to 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,” Tang, a co-author of the report, said.
Globally, wealth increased by 11.5 percent to 111.5 trillion dollars, just short of the end of the year peak reached in 2007, with BCG projecting global wealth to grow at an average annual rate of nearly six percent to 2014.
North America accounted for about 40 percent of the increase in global wealth in 2009, reaching 35.1 trillion dollars last year.
The number of millionaire households worldwide also rose almost 14 percent to 11.2 million, with Asia-Pacific countries Singapore and Malaysia leading the pack, BCG said.
“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,” the report stated.
“In Singapore and Hong Kong, millionaire households accounted for 11.4 percent and 8.8 percent, respectively, of all households.”