October 10, 2012, 4:55 PM HKT For the first time, Asia is the wealthiest region in the world, according to a new study by Credit Suisse. The bankâs Global Wealth Report 2012, released today, found that the region surpassed Europe in terms of household wealth in the 12-month period ending June. While total global household wealth fell 5.2%, Europe took the biggest hit due to its debt crisis and the global economic slowdown, with its wealth dipping 14% to $69.3 trillion. Asiaâs wealth proved more resilient, shrinking only 1.9% over the same period to $74.1 trillion. Europeâs steep drop allowed the Asia-Pacific region (which includes Asia and Australia) to overtake it in terms of total wealth, an unprecedented development. Whatâs more, the report projects that Asians will get rich at a faster pace than any other region in the next few years. Singapore already has the most millionaires per capita in the world, according to a study released by Boston Consulting Group earlier this year. http://blogs.wsj.com/scene/2012/10/10/asia-becomes-worlds-wealthiest-region/
Offshoring our wealth to Asia is great. Build-up the Communist Chinese and weaken free-market democracies. The Boomers are geniuses.
Next time I see an Australian, I'm going to be sure to tell him he is really Asian, according to Credit Suisse. Its really ridiculous though. Asia pacific has 50% of the worlds population. Europe has 10%. Its no different than if you make $50k per year and you have 5 neighbors that make $11k per year and the neighbors saying "Hey, we are richer than you" Well yeah...you have 5 times as many of you... I'll take making $50k and being considered "poorer" than making $11k with my neighbors and being more "wealthy". I really wonder about the intelligence of people at credit suisse when they come out with bullshit studies like this.