GENEVA: Private wealth in the Asia-Pacific region surpassed that of North America for the first time last year, fuelled by stronger economies and real estate markets, according to a Cap Gemini SA report.
Millionaires’ assets in Asia-Pacific countries surged almost 10% to US$17.4 trillion, outstripping North America’s US$16.6 trillion, Cap Gemini said on Thursday. European wealth rose 4.8% to US$13.6 trillion, while Latin America and Africa declined, the Paris-based consulting firm said. Global wealth advanced 4% to US$58.7 trillion.
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