Asian Millionaires Counter Lost Riches in Europe, North America
By Giles Broom - May 31, 2012 6:01 PM ET
China, India and Singapore posted the biggest increases in millionaires last year as the Asia-Pacific region countered a decline in wealth in western Europe and the U.S., according to Boston Consulting Group.
Millionaire households in China rose 16 percent to 1.43 million while those in Singapore climbed 14 percent to 188,000 and India saw a 21 percent increase to 162,000, the Boston-based firm said in a report released today. Millionaire households in the U.S. fell by 129,000 to 5.13 million.
Europe’s debt crisis and declining equity markets slowed the increase in global wealth last year with a 1.9 percent gain to $122.8 trillion compared with a 6.8 percent growth rate in 2010, Boston Consulting said. Singapore had the highest proportion of millionaire households while Hong Kong led the rankings for the percentage of billionaires.
“It’s the first significant interruption of growth since the financial crisis,” said Peter Damisch, a partner with Boston Consulting in Zurich. “Emerging markets will play a bigger role in private wealth going forward.”
The Stoxx Europe 600 slid 11 percent last year with industrial and financial-services companies among the biggest decliners. Germany’s Dax Index tumbled 15 percent while the Standard & Poor’s 500 Index was little changed.
Wealth in North America declined 0.9 percent to $38 trillion, while western Europe posted a 0.4 percent drop to $33.5 trillion, the report said.
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http://www.bloomberg.com/news/2012-05-31/asian-millionaires-counter-lost-riches-in-europe-north-america.html
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