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Private wealth: Asia-Pacific to overtake Europe in 2014

Published on Jun 11, 2014 9:52 AM

WASHINGTON (AFP) - The amount of private wealth in the booming Asia-Pacific region excluding Japan will overtake Europe this year and the United States in 2018, according to a new study by Boston Consulting Group.

Private financial wealth around the world increased by 14.6 per cent last year to US$152 trillion (S$189.9 trillion), helped by rebounding stock markets, with the Asia-Pacific region seeing a 30.5 per cent jump, the BCG report said.

That translated into a the number of millionaire households around the world increasing by 2.6 million, to 16.3 million. Close to half were in the United States.

But there was strong growth in private wealth in China, where 2.4 million households count as millionaires, while Japan's number of richest continued to fall.

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