The Boston Consulting Group's 'Global Wealth 2015: Winning the Growth Game' report said continued economic expansion of China and India was driving growth in wealth in the Asia-Pacific region.

US remains the country with the largest number of ultra-high-net-worth (UHNW) households at 5,201, followed by China (1,037), the UK (1,019), India (928) and Germany (679) in 2014, it stated.

India's UHNW households grew manifold from 2013 when the number stood at 284. The private wealth in the Asia-Pacific region expanded by a steep 29 percent in 2014 to reach USD 47 trillion, enabling it to overtake Europe (Eastern and Western Europe combined) to become the world's second-wealthiest region, the report said.

With a projected USD 57 trillion in 2016, Asia-Pacific (excluding Japan) is expected to surpass North America (a projected USD 56 trillion) as the wealthiest region in the world and will be the largest pool for client acquisition.

"At such a pace, the region is expected to overtake North America as the world's richest region in 2016, with USD 57 trillion in private wealth," the report released yesterday added.

The region is also projected to hold 34 percent of global wealth in 2019. With a projected annual growth rate of almost 10 percent, private wealth in Asia-Pacific will rise to an estimated USD 75 trillion in 2019.

Latest News  from Business News Desk