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Laxman Pai, Opalesque Asia: The value of assets across the globe grew to $477 trillion (€441 trillion) in 2023, according to this year's global wealth report from Boston Consulting Group (BCG).
That's a jump of 4.3%, a figure driven higher by a rebound in financial wealth, which rose by almost 7% with more than half of the new financial wealth coming from North America as equity markets led the charge.
Financial wealth globally increased to $275 trillion in 2023 having declined 4% in 2022, and while other regions were less bountiful than North America, especially as wealth creation in China slowed, there is anticipation at BCG of strong gains in the next five years.
Financial wealth, a sub-section of overall wealth, excludes real assets such as property and land, as well as liabilities.
The firm's report estimates that $92 trillion of financial wealth will be created between now and 2028 with Asia Pacific accounting for 30% of new wealth and India also expected to continue its current run of wealth creation over the period.
These insights come as a positive sign following a rocky post-COVID period when high interest rates and currency depreciation hit pockets across the globe. Even so, BCG noted that a full recovery has not yet been achieved. A total wealth rise of 4.3% is still modest compared with an average annual growth rate of 7.1%, achieved from 2014 to 2021.
"Wealth creation resumed in 2023-but even so, wealth managers cannot aff...................... To view our full article Click here
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