Private household wealth up over 14% last year

Tuesday 10 June 2014 07.17
Asia-Pacific, excluding Japan, led the surge in private wealth with a 31% jump to $37 trillion
Asia-Pacific, excluding Japan, led the surge in private wealth with a 31% jump to $37 trillion

A new report shows that the amount of private wealth held by households globally surged more than 14% to $152 trillion last year, boosted mainly by rising stock markets.

Asia-Pacific, excluding Japan, led the surge with a 31% jump to $37 trillion.

The number of millionaire households also rose sharply, according to a report by Boston Consulting Group.

The reports takes into account cash, deposits, shares and other assets held by households. But businesses, property and luxury goods are excluded.

"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," Boston said in its report.

"This performance was spurred by relative economic stability in Europe and the US and signs of recovery in some European countries, such as Ireland, Spain and Portugal," it added.