A report published recently shows that Asia has overtaken Europe as the world's second richest region. The Asia Pacific, which excludes Japan, held £30 trillion in private wealth. The number of millionaires also rose drastically in China and India. North America remains the world's richest region with £34 trillion of private money. The report predicts that Asia will take over the number one spot in 2016. If growth continues in that part of the world, Asia is projected to hold 34% of worlds wealth by 2019. Asian companies are buying well known brands across the world and expanding their marketing projects. Some consumers will not know famous English and American brand names are now produced overseas for a fraction on the cost. Supplying items for cheaper means higher profit margins. 4.4 billion people (60% of the world population) currently live in Asia. China and Asia are the largest economy's in the world and hold a huge spending power over other countries. They also hold the record for the world's longest continuous economic booms, starting with the Japanese (1950 – 1990), and China (1978 – 2013). As mentioned in previous columns, Selby is a very famous location in Asia as the abbey was the wedding location for a very famous Asian singer.
Overall, global wealth grew by 12% last year to £100trillion, lifted by positive gains in the stock and bond markets. 'Old world' regions remained in the single digits, but 'new world technology' led by Western Europe, North America, and Japan created the highest gains.