News release: "Propelled by growth in nearly every region, global wealth continued a solid recovery in 2010, increasing by 8.0 percent, or $9 trillion, to a record of $121.8 trillion.1 That level was about $20 trillion above where it stood just two years prior during the depths of the financial crisis, according to a new study by The Boston Consulting Group (BCG). Findings from the study appear in BCG’s eleventh annual Global Wealth report titled Shaping a New Tomorrow: How to Capitalize on the Momentum of Change, which was released today at a press briefing in New York. Among the other key findings:
- North America had the largest absolute gain of any regional wealth market in assets under management (AuM), at $3.6 trillion, and the second-highest growth rate, at 10.2 percent. Its $38.2 trillion in AuM made it the world’s richest region, with nearly one-third of global wealth.
- In Europe, wealth grew at a below-average rate of 4.8 percent, but the region still had a gain of $1.7 trillion in AuM.
- Wealth grew fastest in Asia-Pacific (excluding Japan), at a 17.1 percent rate. In the Middle East and Africa, growth was somewhat above the global average, at 8.6 percent. In Latin America, wealth grew by 8.2 percent. Together, these three regions accounted for 24.4 percent of global wealth in 2010, up from 20.9 percent in 2008."