Date
26 September 2017
China was only second to the US in the ranking of countries by private wealth. Photo: Bloomberg
China was only second to the US in the ranking of countries by private wealth. Photo: Bloomberg

Rich Chinese fuel Asia wealth growth

Rich Chinese helped make Asia the fastest-growing region for affluent families last year, contributing to a 15 percent surge in global wealth at US$152 trillion, Bloomberg News reported Tuesday, citing a study by Boston Consulting Group.

Private wealth in the Asia-Pacific region excluding Japan jumped 31 percent to US$37 trillion in 2013, the report said.

China was only second to the United States in the ranking of countries by private wealth. Its US$22 trillion is expected to jump more than 80 percent to US$40 trillion by 2018, while the US may grow to US$54 trillion from US$46 trillion over the same period, according to BCG.

Globally, stock-market gains averaged 21 percent in 2013, providing the main engine of growth in private wealth, the study said. 

“Equity markets were up huge last year and that impacted the total wealth in the world,” Brent Beardsley, a BCG senior partner and co-author of the report, was quoted as saying in New York. “Looking forward, we see much more muted growth.”

The number of millionaire households in the world jumped to 16.3 million in 2013 from 13.7 million in the previous year, the report said.

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CG 

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