Content area
Full Text
North America gained $8.4 trillion, an increase of 11.9 per cent, fueled by a recovery in house prices and a bull equity market in the United States. It became the lead region in terms of total net wealth for the first time since 2005, overtaking European holdings, which added $5.5 trillion, an increase of 7.7 per cent. As a result of a 22 per cent depreciation of the Japanese yen against the US dollar during the period, household wealth in Japan dropped 20.5 per cent to $22.6 trillion, dragging down total wealth in Asia Pacific by 3.7 per cent to $73.9 trillion. However, Asia Pacific ex-Japan continued to register stable wealth growth by 6.2 per cent to $51.3 trillion in mid-2013.
Giles Keating, Global Head of Research for Private Banking & Wealth Management at Credit Suisse said, "2013 Global Wealth Report shows $11 trillion rise in wealth to over $241 trillion, with the US as the clear winner overtaking Europe and APAC falling back due to the sharp depreciation of the yen. We look at wealth mobility for the first time and it appears surprisingly high. For instance, less than two-thirds of the 2000-01 Forbes billionaires remained on the list by 2005, and barely half were on it by the end of the decade."
The analysis comprises the wealth holdings of 4.7 billion adults across 200 countries - from billionaires in the top echelon to the middle and bottom sections of the wealth pyramid, which other studies often overlook.
CHANGES IN WEALTH...