By Martin Gøttske
The Asia Pacific region could surpass North America as the world’s wealthiest region by 2019, according to a report by Boston Consulting Group. This is a possibility, as the Asian financial centres Singapore and Hong Kong will attract more wealth from within and outside the region in the coming years.
The report expects private wealth in Asia Pacific will hit 77.8 trillion USD by 2021.
“In Asia Pacific, which is characterized by strong GDP growth, the key impetus will be new savings,” BCG wrote in the report, adding that China was the largest source of offshore wealth in the Asia Pacific region.