As China.org.cn reports, China created 1 million new millionaires last year as the country's booming stock market bolstered the ranks of the wealthy, according to a global wealth report released on Monday.
The US maintained the largest number of millionaires last year at about 6.9 million. China was in second place with 3.6 million, followed by Japan with 1.1 million, according to the Global Wealth 2015: Winning the Growth Game, released by The Boston Consulting Group.
For the first time, Asia Pacific (excluding Japan) passed Europe in wealth, totaling $47.3 trillion to $42.5 trillion, the report showed. It predicted that the Asia-Pacific region will probably become the richest region in the world next year with an estimated $57 trillion of private wealth, surpassing North America's projected $56 trillion.
"When it comes to wealth, Asia is the place to be," said Federico Burgoni, partner and leader of BCG's asset and wealth management segment in the Asia-Pacific region. "China and India are speed driving the growth in Asia Pacific, but Indonesia and Thailand are also producing growth.
The report said current political and economic tensions, such as those in the Middle East and Latin America, continue to spur the wealthy to seek offshore locations to manage their wealth. As for offshore wealth booked in Asia Pacific, Singapore (31 percent) and Hong Kong (15 percent) remained the top destinations.
BCG said Switzerland will need to reinvent itself to turn back the threat from fast-developing Asian booking centers as preferred global locations for offshore wealth.
Over two decades ago, George Soros took on the Bank of England, and won.
Just before lunch local time, the Swiss National Bank took on virtually every single macro hedge fund, the vast majority of which were short the Swiss Franc and crushed them, when it announced, first, that it would go further into NIRP, pushing its interest rate on deposit balances even more negative from -0.25% to -0.75%, a move which in itself would have been unprecedented and, second, announcing that the 1.20 EURCHF floor it had instituted in September 2011, the day gold hit its all time nominal high, was no more.
What happened next was truly shock and awe as algo after algo saw their EURCHF 1.1999 stops hit, and moments thereafter the EURCHF pair crashed to less then 0.75, margining out virtuallyevery single long EURCHF position, before finally rebounding to a level just above 1.00, which is where it was trading just before the SNB instituted the currency floor over three years ago.
Here is the full SNB press release for more ...
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