Asia Becomes World’s Wealthiest Region
By Jason Chowhttp://blogs.wsj.com/scene/
For the first time, Asia is the wealthiest region in the world, according to a new study by Credit Suisse CSGN.VX +2.56%.
The bank’s Global Wealth Report 2012, released today, found that the region surpassed Europe in terms of household wealth in the 12-month period ending June. While total global household wealth fell 5.2%, Europe took the biggest hit due to its debt crisis and the global economic slowdown, with its wealth dipping 14% to $69.3 trillion. Asia’s wealth proved more resilient, shrinking only 1.9% over the same period to $74.1 trillion.
Europe’s steep drop allowed the Asia-Pacific region (which includes Asia and Australia) to overtake it in terms of total wealth, an unprecedented development.
What’s more, the report projects that Asians will get rich at a faster pace than any other region in the next few years. Asia’s millionaire population is expected to grow 70% over the next five years to 11.7 million, with Japan and China minting the most new millionaires. A similar study earlier this year by Capgemini and RBC Wealth Management reported that Asia is already home to more millionaires than the U.S.