Global private wealth in 2013 up 14.6%

[SINGAPORE] Driven mainly by equity markets and the creation of new wealth in rapidly developing economies (RDEs), global private financial wealth grew 14.6 per cent last year - up from 8.7 per cent in 2012 - to reach US$152 trillion.

The Boston Consulting Group's 2014 report on the global wealth management industry released early today said that in nearly all countries, the growth of private wealth was "driven by the strong rebound in equity markets that began in the second half of 2012".

This, as all major stock indexes, namely the S&P 500, the Nikkei 225 and the Euro Stoxx 50, rose in 2013, spurred by relative economic stability in Europe and the United …