JAPAN RETAIL NEWS - Inside consuming Japan: Japan retail, Japan market, Japan economy, Japan trends, Japanese people, Japan brands, Japan tech
 
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NEW YORK, BCG - The crisis is transforming the global map of the world’s wealthiest people, with Europe nudging out North America as the richest region, according to a new report by The Boston Consulting Group (BCG). The report, titled Delivering on the Client Promise: Global Wealth 2009, is being released today.

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Global wealth fell from $104.7 trillion in 2007, measured in assets under management (AuM), to $92.4 trillion in 2008 - a decline of 11.7 percent. It was the first decline since 2001.
  • The steepest decline was in North America, where wealth plummeted by 21.8 percent last year
  • In North America, the share of wealth held in equities fell from 50 percent in 2007 to 38 percent in 2008 - but the region still had the highest proportion of wealth held in equities
  • Europe had $32.7 trillion in AuM, down 5.8 percent from the previous year, followed by North America, with $29.3 trillion in AuM
  • Latin America was the only region where wealth increased - its AuM grew by 3 percent in 2008
The number of millionaire households worldwide fell from 11 million to about 9 million—a drop of 17.8 percent. The decline was steepest in North America and Europe, at 22 percent in both regions, although the United States continued to have the most millionaire households - nearly 4 million.
  • Singapore had the highest concentration of millionaires, with 8.5 percent of the country’s households owning more than $1 million
  • Three of the six densest millionaire populations were in the Middle East - in Kuwait, the United Arab Emirates, and Qatar
The crisis also narrowed the gap between the wealthy and non-wealthy. Wealth owned by households with less than $100,000 in AuM increased by 2 percent in 2008. It declined in all other segments. Among households with more than $5 million in AuM, wealth fell by 21.5 percent.

“Wealth will begin a slow recovery in 2010 but may not reach its pre-crisis level until 2013,” said Peter Damisch, a BCG partner and a co-author of the report. “We expect wealth to grow at an average annual rate of about 4 percent from year-end 2008 through 2013.” Wealth will grow fastest in Asia-Pacific at 9.5 percent per year over the same period, he added. (Boston Consulting Group)
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As Japan is one of the major wealth spots in the world, (2nd highest number of millionaire households behind the US and 15% of all global wealth in one country) it can be assumed luxury and branded good do well in the Japanese market. Manufacturers with high-quality products have Japan on their target map, as a fair share of global millionaires and well-earning households worldwide are in Japan.
 


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