: For the first time in the survey 15-year history, the Asia Pacific region – which for the purposes of this report excludes Japan – overtook Europe to become the world second wealthiest region, with $47tn in private wealth, up 29% on 2013, according to The Guardian. North America, where private wealth totals $50.8tn, remains the wealthiest region, but it will be surpassed next year when the wealth of Asia Pacific so-called high net worths reaches $57tn, the survey predicts. New millionaire households were also created more quickly in Asia Pacific than anywhere else, according to the Boston Consulting Group annual global wealth report, as the world 17m households worth more than $1m grew richer once again during 2014. A booming equity market helped all wealthy individuals in 2014, but Asia had the added benefit of the fortunes being created by a new generation of entrepreneurs, such as Jack Ma of Chinese e-commerce firm Alibaba and Indian property tycoon Jitendra Virwani. Daniel Kessler, global leader of BCG wealth management division, said: We have seen a really strong equity market that has had a very strong effect on existing assets. The report authors said Asia lead in growth will be exaggerated in future years, as they expect stock markets to slow.
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