Total Number Of Chinese Millionaires Up 60% To 2.4M In 2013

Asia-Pacific excluding Japan posted the strongest growth in the global private wealth market, growing 30.5% in 2013. The market is expected to overtake Western Europe as the second-wealthiest region in 2014, and to overtake North America as the wealthiest region globally in 2018, says a new report by The Boston Consulting Group (BCG).

The report, BCG’s fourteenth annual study of the global wealth-management industry, found that global private financial wealth grew by 14.6% in 2013 to reach a total of US$152.0 trillion. The rise was stronger than in 2012, when global wealth grew by 8.7%. The key drivers, for the second consecutive year, were the performance of equity markets and the creation of new wealth in rapidly developing economies.

Global private wealth is projected to post a compound annual growth rate of 5.4% over the next five years to reach an estimated US$198.2 trillion by the end of 2018.

The total number of millionaire households in U.S. dollar terms reached 16.3 million in 2013, up strongly from 13.7 million in 2012 and representing 1.1% of all households globally. The U.S. had the highest number of millionaire households with 7.1 million such families, as well as the highest number of new millionaires of 1.1 million.

Robust wealth creation in China was reflected by its rise in millionaire households from 1.5 million in 2012 to 2.4 million in 2013, up 60% last year. The number of millionaire households in Japan fell from 1.5 million to 1.2 million, driven by the 15% fall in the yen against the dollar.