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.
Chinese private wealth skyrocketed 49.2 percent to $22 trillion, leading it to pass Japan to become the second-most wealthy country. Japanese wealth grew only 4.8 percent to $15 trillion. If the weaker yen is taken into account, Japanese wealth calculated in dollars fell in 2013 compared to 2012.
China is now second only to the U.S. with $46 trillion in wealth. While stock markets drove growth in Western Europe and North America, China relied on new wealth creation as its markets fell 6.8 percent. China posted 9.6 percent nominal gross domestic product growth in 2013.
The country remains second for most millionaire households, adding roughly 900,000 to hit nearly 2.4 million in 2013. China ranks third for the number of ultrahigh-net-worth households with 983, trailing the U.S. and the U.K.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye