Salient to Investors:
Boston Consulting Group said:
- Asia-Pacific centers such as Singapore and Hong Kong are expected to receive most of the newly created wealth in the region that finds its way offshore.
- Hong Kong has the greatest concentration of billionaires followed by Switzerland.
- Asian wealth outside Japan will surpass North America by 2017.
- China will pass Japan to become the world’s second-wealthiest nation by 2017 and will have more millionaire households than Japan by the end of December.
- The number of millionaire households in the US in 2012 was 4 times as many as China or Japan.
- Private banks must build a presence in Asia as the region’s centers increase their share of offshore wealth to 18 percent by 2017 from 15 percent in 2012.
- Switzerland remains the largest center for offshore private wealth, while the proportion of assets held in Zurich, Geneva and London will decline.
- The offshore industry is still viable as wealthy people look to spread their assets across different booking centers and seek domiciles with discretion and economic stability.
- Emerging markets will surge on new wealth creation over the next 5 years, with India set to more than double private wealth by 2017.
- North America and Europe will depend on returns from existing assets for more than half of their wealth growth.
Read the full article at http://www.bloomberg.com/news/2013-05-30/asian-hubs-attract-wealth-as-china-millionaires-to-eclipse-japan.html
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