Asia-Pacific climbs wealth league table
The global financial crisis (GFC) appears to have only slightly moderated the rate at which people are becoming wealthy, according to the latest World Wealth Report compiled by Merrill Lynch Global Wealth Management with Capgemini.
The report, released earlier today, found the global population of high-net-worth (HNW) individuals had grown in 2010 to surpass the level recorded in 2007 – before the GFC.
It found the population of HNW individuals increased by 8.3 per cent to 10.9 million, with HNW wealth growing by 9.7 per cent to reach US$42.7 trillion.
The report data appeared to confirm the evidence that the Asia Pacific has been weathering the GFC better than most regions, with the Asia-Pacific posting the strongest regional growth and surpassing Europe for the first time in terms of the number of HNW individuals and their wealth.
The report said the Asia-Pacific was now second only to North America in terms of HNW wealth and population.
AUTHOR
Mike Taylor
Recommended for you
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.
Disgraced adviser Joshua Fuoco described himself as the “biggest monkey” at AFSL Group and provided financial advice via WhatsApp, all while being banned for 10 years, court documents show.
The Compensation Scheme of Last Resort has released the FY26 revised levy estimate, but the FAAA is concerned costs will be pushed into the following year.
Former Iress chief executive, Andrew Walsh, has been promoted to chair of a boutique Sydney advisory firm, having stepped down from the same position at Mason Stevens.
