There are more millionaires and "super rich" people than ever before as the rapid growth in Asia's emerging markets propels private wealth to record levels, according to a new report.
Private wealth increased 7.8 percent to $135.5 trillion in 2012 from the previous year, says Boston Consulting Group, the management consultancy. The total number of millionaire households reached 13.8 million and the number of "super rich", or households worth more than $100 million, rose to about 12,000.
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The rise in private wealth suggests the global economy is finally shrugging off the effects of the financial crisis, says BCG, helped by Asia's rapid growth.
Asia, excluding Japan, was the fastest-growing region, with private wealth increasing to $28 trillion, a 17 percent jump on 2011. The figure is projected to nearly double to $48.1 trillion over the next five years.
"The world seems to have put the financial crisis behind it with more millionaires and super rich people than before," said Brent Beardsley, partner and managing director at BCG. "There could be another hiccup, but the world looks like it is recovering as the equity markets rise and the emerging world continues to grow."
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BCG has been compiling the report since 2000 using data from more than 130 private banks and wealth managers as well as extracting information from government national accounts. It said the world's richest households are projected to accumulate more wealth at a faster pace.