ZURICH (Reuters) – Personal monetary wealth swelled 12 % final yr to just about $202 trillion, the strongest progress in 5 years as bull markets and the greenback’s weakening towards most main currencies boosted international fortunes, a study confirmed on Thursday.
Adjusted for change price swings, international wealth rose 7 %, the Boston Consulting Group survey discovered.
While residents of North America held the best share of private wealth at virtually 43 %, the quickest progress got here in Asia, Latin America and the Middle East. Most super-rich people lived within the United States, China and Japan.
The consulting group’s annual study confirmed Switzerland remained the world’s largest middle for managing offshore wealth with $2.three trillion, adopted by Hong Kong with $1.1 trillion and Singapore with $zero.9 trillion.
The two Asian facilities have grown at yearly charges of 11 and 10 % respectively over the previous 5 years, greater than 3 times the three % price Switzerland has posted.
“Over the next five years, offshore wealth seems likely to continue growing at a (compound annual growth rate) of roughly 5 percent per year,” it added.
The Swiss banking secrecy from which they lengthy profited has been weakened, which means rich individuals from around the globe can not simply use the Alpine Republic to stash wealth away from tax authorities at residence.
The modifications have put Switzerland in fierce competitors with faster-growing facilities like Hong Kong and Singapore.
Reporting by Angelika Gruber, Writing by Michael Shields; Editing by Toby Chopra