New Delhi: Asia-Pacific region has reported highest growth rate in family wealth across the world during 2010, according to Boston Consulting Group’s (BCG) global wealth report, Shaping a new tomorrow: how to capitalize on the momentum of change. BCG is a global management consulting and advisory firm. Global wealth in the region has increased by 17.1%. North America region stood at second place registering a growth of 10.2%. The report added global wealth has increased by 8% to $121.8 trillion in 2010 from $112.8 in 2009.
The report said, across the world, Indian households have too witnessed one of the highest absolute gains in their wealth. Besides India, countries such as the United States, the United Kingdom and China saw substantial absolute gains. In terms of regions, North America reported highest absolute gains in assets under management. The regions household wealth went up from $34.6 trillion to $38.2 trillion and accounted for nearly one-third of the global wealth.
Developing regions such as Africa and Latin America too grew above the global average mark. Both the regions witnessed growth in wealth by 8.6% and 8.2%, respectively. Along with Asia Pacific (excluding Japan), Africa and Latin America now accounts for 24.4% of the global wealth in 2010, up from 20.9% compared to 2008 levels. However, unlike these regions, in Eupore household wealth grew by just 4.8% during 2010.
According to BCG, the global wealth is defined as total assets under management across all households including cash deposits, money market funds, listed securities held directly or indirectly, onshore and offshore assets. However, it excludes wealth attributed to investors’ own businesses, residences, or luxury goods.