According to the Boston Consulting Group’s global wealth report, India is ready to create tremendous wealth growth. In 2023, India generated roughly $590 billion in new financial wealth, its highest growth yet. By 2028, India is estimated to contribute over $730 billion to the region’s growth.
China and India generated $588 billion in financial wealth in 2023. Despite China’s slowdown, financial wealth in the Asia-Pacific area increased by 5.1%. The analysis predicts that by 2028, the region will account for approximately 30% of new financial wealth. Global net wealth increased by 4.3% in 2023, rebounding from a 4% drop in 2022, with financial wealth climbing over 7%.
Looking ahead, BCG predicts that $92 trillion in financial wealth will be created over the next 5 years.
North America and Western Europe had financial wealth increases in 2023, with NA accounting for more than half of the new wealth. The UAE has emerged as the seventh-largest booking centre, with the Channel Islands and Isle of Man expected to be surpassed by 2028. Switzerland remains the top booking centre, expanding at its historical rate of 4.8%.
Other European nations trail the UAE, Singapore, and the US due to an increased desire for regional diversification.
