North American and European private banks may have had it rough last year as wealth destruction continued, albeit on a smaller scale compared to 2001, but their counterparts in Asia (ex-Japan) were revelling in it as they bucked the trend, results of a Global Wealth Report show.
The Boston Consulting Group (BCG) said along with millionaire investors who were hard hit, in North America they lost US$2tril and Europe 500 billion euros, private bankers shared the pain, as shrinking wealth resulted in lower fees and commissions.