For the first time in modern history, Asia has become the wealthiest region of the world, according to the latest study of Credit Suisse: Global Wealth Report 2012. According to the research study, just released, Asia left behind Europe in the last 12 months, writes Wall Street Journal.
While the wealth of households worldwide fell on average by 5.2%, Europe has seen the steepest drop of 14%, due to financial problems facing the euro area countries, reaching $69.3 trillion. Asia has not escaped the global financial crisis, but rich countries in this area of the world fell by only 1.9% to $74.1 trillion. Thus, Europe has fallen behind the Asia-Pacific (including Australia) in the top of the richest regions of the world.
The report also reveals that Asians will enrich faster than residents of any other region in the next few years. It is expected that the number of millionaires in Asia to grow by 70% over the next five years and reach 11.7 million people, with Japan and China among the countries with the biggest number of wealthy people.
Another study, released earlier this year by RBC Wealth Management, claimed that in Asia there are already more millionaires than in the U.S. Credit Suisse report also revealed that although Asia is the richest region in the world, the country that is doing best is Switzerland, with an average income per adult capita of $468,000. Seven positions away is the U.S. with an average wealth per capita of U.S. $262,000.
Otherwise, the top 10 is completed by countries in Asia-Pacific, with Australia in second place ($355,000 per capita), Japan in fifth place ($270,000) and Singapore in eighth ($258,000). According to a recent study released by the Boston Consulting Group, Singapore has the most millionaires per capita in the world.