Asia just overtook Europe in wealth for the first time in centuries — and North America is next
The Asia-Pacific region steamed past Europe in terms of private financial wealth in 2014, according to estimates released by Boston Consulting Group on Monday.
In 2014, BCG estimates that eastern and western Europe combined had a private wealth of $42.5 trillion, beaten by Asia-Pacific's rapidly growing pile, now worth $47.3 trillion. The Asia-Pacific figures exclude Japan, which gets its own estimate.
BCG doesn't provide a long-run estimate for when the last time Asia-Pacific was likely wealthier than Europe. The report has been produced for 15 years, but given the performance of the two continents throughout history, it's likely to have been hundreds of years since Asia came out on top.
That goes all the way back to a period in history known as the Great Divergence. During the industrial revolution and even before, European wealth and living standards overtook previously more prosperous Asian civilisations.
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