World’s wealthiest region? Europe, now!
Are they getting smaller?
Europe has elbowed North America aside to become the wealthiest region in the world.
Hammered by steep equity losses, North America saw the steepest decline in wealth last year, with a 21.8-per-cent plunge. Globally, wealth fell to $92.4-trillion in 2008 from $104.7-trillion a year earlier as measured by assets under management, according to The Boston Consulting Group’s annual publication.
“The crisis is transforming the global map of the world’s wealthiest people,” the paper said.
Latin America was the only region where wealth actually increased last year. Its assets under management increased 3 per cent in 2008.
The number of millionaires around the world has fallen. Millionaire households fell by 17.8 per cent to 9 million last year, with the sharpest declines in North America and Europe. The United States still has the most millionaire households in the world though – nearly 4 million…
“Wealth will begin a slow recovery in 2010 but may not reach its pre-crisis level until 2013,” said Peter Damisch, a BCG partner and a co-author of the report.
He predicted wealth will grow at an average annual rate of about 4 per cent from year-end 2008 through 2013, with the fastest growth rates in the Asia-Pacific region, excluding Japan.
Here are these millionaires, struggling under the political yoke of socialist commie pro-abortion race-mixing tax-and-spend statists…
How do they ever manage to do it?