Europe overtakes the US as world ’s wealthiest region

[Cees Binkhorst]

REPLY TO: D66 at nic.surfnet.nl

Zou dit ook gebeurd zijn zonder de vorming van de EU?
Denk het niet.

Groet / Cees

PS. Overigens de eerste keer dat ik zo expliciet zie waar de vermogens
zitten.
Een jaar of 4 geleden heb ik eens een ruwe schatting gemaakt van het
totaal en zat toen op 40.000 miljard, niet eens zo slecht ;)

http://www.efinancialnews.com/rss/content/1055173256/
Europe overtakes the US as world’s wealthiest region
David Bain
15 Sep 2009
The economic and financial crisis of the last 18 months has transformed
the global map of the world’s wealthiest people, with Europe nudging out
North America as the richest region, according to a new report by The
Boston Consulting Group.

BCG’s said that global wealth fell 11.7% to $92.4 trillion in 2008 – the
first decline since 2001. BCG said it is unlikely to return to its
pre-2007 levels for four years.

North America saw the biggest decline in wealth, falling by 21.8% last
year. The big drop was partly put down to the large percentage of wealth
held by Americans in equities. Latin America was the only region where
wealth grew, by 3%.

Total wealth in Europe fell 5.8% to $32.7 trillion last year.

Offshore wealth fell by 8.2% to $6.7 trillion last year. Switzerland
remained the largest offshore centre, accounting for 28% of the total.

The number of millionaire households worldwide fell by 17.8% to nine
million last year. But the crisis also narrowed the gap between the
wealthy and non-wealthy, with wealth owned by households with less than
$100,000 in assets under management increasing by 2% last year, but
declining in all other segments.

Those households with more than $5m saw their wealth falling by 21.5% last
year.

““Wealth will begin a slow recovery in 2010 but may not reach its
pre-crisis level until 2013,” said Peter Damisch, a BCG partner and a
co-author of the report.

“We expect wealth to grow at an average annual rate of about 4 percent
from year-end 2008 through 2013.”

The BCG study said regulatory pressure is changing the landscape of
cross-border wealth management.

“Once their tax and legal advantages evaporate, so too will their appeal,”
Damisch said.

“Being inconspicuous is a tenuous value proposition in an era of
increasing oversight.”

BCG said the wealth management industry had weathered the storm better
than most other financial-services sectors, but of the 124 institutions
surveyed, the median pretax profit margin fell to 30% in 2008, down from
36.4% in 2007.

Clients shifting their investments to basic, low-margin investments hurt
the industry, according to BCG.

“Dazzling product complexity is no longer seen as a positive attribute—if
it ever really was,” said Bruce Holley, a BCG senior partner.

“It is unclear when—and to what extent—assets will migrate back to
high-margin investments, but wealth managers cannot count on a strong
resurgence of these products in the short term.”

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