Rich Asians are getting crazy rich faster than anyone else in the world.
As reported by Bloomberg, wealthy Asians are getting richer than every other country in the world.
In a report compiled by Capgemini SE, high-net-worth individuals in the Asia Pacific region saw wealth assets increase just under 15% to $21.6 trillion in 2017.
Economic growth and equity markets pushed the global total to $70.2 trillion. Japan and China contributed to the majority of Asia’s wealth.
Increasing numbers of millionaires in Asia is resulting in financial firms expanding their banking operations in the region.
“Emerging markets in Asia, such as China and India, are going to be the engine of growth,” said David Wilson, the consulting firm’s head of Asia wealth management.
By 2025, global wealth is expected to exceed $100 trillion.
