MOSCOW, June 10 (RIA Novosti) – The Asia-Pacific region, excluding Japan, will overcome Western Europe in wealth level this year and may become the wealthiest in the world in 2018, according to a Global Wealth 2014 report.
The report published by Boston Consulting Group (BСG) said last year private wealth in the Asia-Pacific region grew over 30 percent to $37 trillion in 2013. The major factors contributing to the trend were GDP growth and high saving levels in China and India.
The wealth in the region is expected to rise to nearly $61 trillion by the end of 2018.
"At this pace, the region is expected to overtake Western Europe as the second wealthiest region in 2014, and North America as the wealthiest in 2018," the group said.
The wealth of citizens in Eastern Europe, including in Russia, was estimated at $2.7 trillion last year. Russia advanced to the fifth place in the world, with the number of ultrahigh-net-worth households reaching 536 last year, compared to 328 in 2012. The US had the highest number of millionaire households (7.1 million) globally, according to the report.
The annual growth in the region reached over 17 percent, largely due to a 22-percent growth in Russia. By late 2018, the wealth of the citizens will grow to $4.5 trillion if the Ukrainian conflict is resolved peacefully this year.
The Global Wealth 2014 report classifies private wealth as cash, deposits and securities, but excludes real estate.
