china increasingly dominant in the list of rich people

Personal wealth worldwide reached US $ 201.9 trillion last year, up 12% from a year earlier and is the fastest annual rate in the last 5 years.
Boston Consulting Group said in its latest report, it was underpinned by rising luck in the equity market. In addition, investors from outside the US also benefited from the exchange rate bonuses strengthening major world currencies in the face of the greenback.
The report notes, the ranks of the growth of millionaires and billionaires now hold nearly half of global personal wealth, up from 45% in 2012.
In North America, which has a net worth of US $ 86.1 trillion, 42% of the assets that can be invested are held by people with assets of more than US $ 5 billion.
The assets that can be invested include equities, investment funds, cash, and bonds.
"The fact that wealth is held by millionaires is increasing does not mean the poor are getting poorer," said Anna Zakrzewski, the report's lead author, as quoted by Bloomberg, Monday (18 // 6/2018).
He explains, it does not mean everyone gets richer. However, especially for the rich can get richer quickly.
Last year's winner was China, Zakrzewski continued, who is now ranked second in terms of financial wealth after spurring Japan in the last 5 years.
"China will continue to experience the same growth as before and even for the next 5 years, there will be more wealth formed in China more than the US," Zakrzewski said, adding that the number of millionaires in the Panda Country is expected to grow four times faster rather than in the US.
However, without a boost from a weaker US dollar, global wealth gains will only be at 7% level. The countries that benefit from currency appreciation are Western Europe, where a 15% strengthening of the US dollar slumps to 3% against the local currency.
Meanwhile, Eastern Europe and Central Asia also have the greatest concentration of wealth, with billionaires alone holding nearly a quarter of the assets that can be invested.
A total of 28 billionaires from Eastern Europe on the Bloomberg Billionaires Index recorded net worth of US $ 294 billion, including an increase of US $ 3.4 throughout 2018 so far.
In Asia, wealth is also concentrated in Hong Kong, where individuals who have more than US $ 20 billion hold 47% of assets that can be invested.
If the formation of personal wealth continues with the pace of the last few years, Boston Consulting estimates that the combined annual growth rate could be around 7% from 2017 to 2022, in US dollars.
Events such as financial market correction and geopolitical uncertainty may push that achievement to 4%.
Meanwhile, the report noted, in a worse scenario like the economic crisis, global wealth may weaken by 1% in 5 years.