Global Wealth Hits Record $530 Trillion... Rapid Growth Expected in Asia

Continued Growth Despite Inflation and War Turmoil This Year
"Wealth Shows Strong Resilience"

[Image source=AP Yonhap News]

[Asia Economy Reporter Kim Hyunjung] Last year, the world's wealth reached a record high of $530 trillion (approximately 66,568 trillion KRW), Bloomberg reported on the 9th (local time). Despite inflationary pressures and the war in Ukraine, global wealth is expected to continue increasing across all regions.

The report cited the "Global Wealth Report" published by Boston Consulting Group (BCG), stating that the rise in asset markets such as stocks and real estate, along with a surge in demand for tangible assets like wine and artworks, drove the increase in wealth. It also forecasted that $80 trillion of new wealth will be created over the next five years.

Anna Zakrzewski, Global Head of Asset Management at Boston Consulting, explained, "Wealth development is highly resilient, and despite geopolitical turmoil, growth rates are expected to remain positive."

BCG particularly anticipated rapid wealth accumulation in the Asia-Pacific region. The asset value in the Asia-Pacific is expected to grow at an annual rate of 8.4% until 2026, expanding at the fastest pace. According to this forecast, the Asia-Pacific region will account for one-quarter of the world's wealth. The report also projected that Hong Kong could surpass Switzerland next year to become the jurisdiction managing the largest amount of private assets.

North America's wealth growth rate is expected to slow from an average of 9.51% over five years to 4.7% by 2026. Western Europe's asset growth rate is forecasted to drop from 4.5% to below 4%.

The report also observed that sustainable investing is growing 3 to 5 times faster than traditional investments and that by 2026, its related scale will account for 17% of private wealth.

This content was produced with the assistance of AI translation services.