India, China rich list continue to grow: report -Governance Now

India, China rich list continue to grow: report

The global wealth has recovered almost to pre-economic crisis level

GN Bureau | June 15, 2010

The Boston Consulting Group (BCG) is optimistic about the wealth creation in Asia’s two biggest countries - India and China. In its latest global wealth report titled –Regaining Lost Ground: Resurgent Markets and New Opportunities - 2010, it named India and China as being faster in wealth creation than any other countries in the world. The report revealed that the two Asian giants will generate triple the growth of other countries from 2009 end to 2014.

The report also mentions that the global wealth made a remarkable comeback in 2009. “Global wealth increased by 11.5 percent to $111.5 trillion, just shy of the year-end peak set in 2007.” According to the report, global wealth recovery in 2009 can be attributed to soaring financial markets and increased savings.

The good news is that the global consultancy group predicts ‘global wealth is expected to increase at an average annual rate of nearly 6 percent from year-end 2009 through 2014.’

The number of millionaire households across the world rose by about 14 per cent in 2009 to 11.2 million, the report said. “The United States had by far the most millionaire households (4.7 million), followed by Japan, China, the United Kingdom, and Germany.” But Singapore tops the list in the highest millionaire densities followed by Hong Kong and Switzerland.

“North America posted the largest absolute gain in wealth at $4.6 trillion (15 per cent), but the largest percentage gain, and the second largest in absolute terms, occurred in Asia-Pacific (excluding Japan), where wealth increased by 22 per cent, or $3.1 trillion,” the report noted.

BCG also noted that women control 27 percent of global wealth. According to report ‘North America had the highest proportion of women controlling wealth at 33 percent.’

The report also talked about the growth of offshore wealth, which grew to $7.4 trillion in 2009 from $6.8 trillion in 2008. “Switzerland remained the largest offshore centre, accounting for $2 trillion or about 27 percent, of all offshore growth,” the report added.

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