Wealth grew faster in the Asia-Pacific region than any other in the world last year, thanks largely to “remarkable” growth in China, according to a new report from the Boston Consulting Group. The region, excluding Japan, is set to surpass Western Europe as the second-most wealthy geography next year.
Private wealth — measured across all households to include cash, investments, pensions and assets but exclude businesses, real estate and luxury goods — grew 30.5 percent in Asia-Pacific, not including Japan, in 2013. The region has $37 trillion in wealth compared to Western Europe’s $37.9 trillion, according to the 14th iteration of the consultancy’s global wealth report. North America continued to lead the world in private wealth in 2013 with $50.3 trillion of the world’s $152 trillion.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"