The wealthy have recovered from the financial crisis and could support stock markets as they change asset allocation, a report claims.
Despite the continuing Eurozone crisis, a slowing Chinese economy and escalating political instability in the Middle East, investor confidence has returned, says Datamonitor Financial in a white paper, The Global Wealth Market 2013.
Reduced stock market volatility is expected to re-balance global asset allocation with deposits and investment in bonds decreasing to their lowest value since the onset of the financial crisis, the report says.
Also, the report predicts that the number of worldwide millionaires will reach 9.9 million by 2017, with half a million new millionaires created every year.
The United States and Asia Pacific will be the strongest performers in terms of millionaires, with significant growth also expected from Latin America.
“However, crisis-ridden Europe and forever stagnant Japan are expected to experience minimal growth during the same period with emerging markets continuing to put pressure on their western European counterparts,” says Matia Grossi, senior analyst, private wealth management at Datamonitor Financial.
©2013 funds europe
