Asia-Pacific to be World’s Richest Region by 2016

The Asia-Pacific region has overtaken Europe in terms of global wealth management for the first time, becoming the world’s second wealthiest region with $47 trillion says a report released by BCG. It’s on the way to overtaking North America next year. In 2019 private wealth in the countries in the Asia-Pacific area is expected to account for one-third of global wealth, according to the report published Monday. North America, where private wealth amounted to $51 trillion in 2014, remained t...
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Asian & African Leaders to form New Rival Bank to IMF

Leaders of emerging countries in Africa and Asia have pushed for the establishment of a new development bank to rival the World Bank. The new bank idea was discussed during the 60th commemoration of the Asia-Africa conference last month in Jakarta, Indonesia. The leaders agreed that, to succeed, the bank must be totally separated from the World Bank and the International Monetary Fund (IMF) because the two could no longer be trusted to fully fund development infrastructure projects. Pre...
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