Asia-Pacific expected to be world's richest region by 2018

[SINGAPORE] The Asia-Pacific is expected to be the world's wealthiest region by 2018, with total aggregate wealth of US$110 trillion, thanks to strong economic growth. Credit Suisse Research Institute forecasts in its 2013 Global Wealth Report that by that year, the region's wealth will exceed North America's US$107 trillion and Europe's US$100 trillion.

This year, the Asia-Pacific had US$74 trillion in wealth, behind North America with US$79 trillion and Europe's US$76 trillion.

Fan Cheuk Wan, Credit Suisse chief investment officer for private banking and wealth management, said the Asia-Pacific remains the key growth engine of the world economy and wealth creation. The region accounts for 31 per cent of global household wealth and 61 per cent of the world's emerging middle-class consumers.