Global private financial wealth grew by 14.6% in 2013, higher than the growth of 8.7% seen in 2012, to hit a staggering $152 trillion according to the Boston Consulting Group (BCG) in its Global Wealth 2014 survey.
BCG said that the key drivers of this growth, for the second year in a row, were the performance of equity markets and the creation of new wealth in RDEs.
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Growth varied depending on the region. As in 2012, the Asia Pacific region (excluding Japan) represented the fastest-growing region worldwide with an increase of 30.5% in the year. However, substantial double digit increases in private wealth were also witnessed in the traditional economies, particularly North America which saw a 15.6% increase from the previous year. Eastern Europe and Latin America also saw impressive rises in wealth, 17.2% and 11.1% respectively.
As in previous years, North America ($50.3 trillion) and Western Europe ($37.9 trillion) remained the wealthiest regions in the world with Asia Pacific ($37 trillion) closely following behind. Globally, wealth increased by $19.3 trillion in 2013, nearly double the rise of $10.7 trillion seen in the previous year.
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By GlobalData
