Rich Chinese helped make Asia the fastest-growing region for affluent families as the increase in global wealth accelerated last year, according to a study by Boston Consulting Group.
Private wealth in the Asia-Pacific region excluding Japan jumped 31 percent to $37 trillion in 2013, supporting a 15 percent advance to $152 trillion globally, the Boston-based firm said in its 14th annual report on the subject.
"Wealth managers globally had another outstanding year of growth in 2013," BCG said. "The Asia-Pacific region accounted for the strongest growth."
China leapfrogged Germany and Japan in the past five years to trail only the U.S. in a ranking of countries by private financial wealth.