Asia's private wealth to beat Europe's for first time amid Brexit uncertainty: BCG

Edinburgh

PRIVATE wealth in Western Europe is set to fall behind the Asia-Pacific region for the first time this year, partly as a result of the political and economic uncertainty unleashed by Brexit, according to the Boston Consulting Group.

Western Europe's private household wealth grew by 3.2 per cent to US$40.5 trillion last year, the smallest increase of any region, while the Asia-Pacific had a surge of 9.5 per cent to US$38.4 trillion, the consulting firm said in a report on Tuesday. Those totals are expected to climb to US$41.9 trillion and US$42.3 trillion respectively by the end of 2017, BCG said.