Business | Economy
Global wealth could decline 10% this year
Global wealth may decline 10 per cent this year because of volatility on financial markets, the Financial Post reported, citing a study released by the Boston Consulting Group.
- Bloomberg
- Published: 23:28 September 6, 2008
Boston: Global wealth may decline 10 per cent this year because of volatility on financial markets, the Financial Post reported, citing a study released by the Boston Consulting Group.
The report said wealth accumulated by individuals may drop to about $100 trillion from a record $109.5 trillion in 2007, marking the first decline in seven years, the newspaper said.
From 2002 through 2007, the share of wealth invested in equities grew from 32 per cent to 40 per cent, increasing the potential for higher growth and volatility.
The accumulation of wealth, defined as bankable assets, is likely to resume after the crisis in fin-ancial markets abates and may reach as much as $138 trillion by 2012, the Post reported.
The overview of the world's wealth includes a look at the implications of the financial crisis, as well as the future of offshore centres. This year's report explores opportunities to reach clients in challenging markets across Asia-Pacific, Latin America, Eastern Europe and the Middle East.
Second, the report examines how universal banks can position their private banks and how wealth managers, in general, can organise their front offices to support growth.
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