Asia Pacific Overtake Europe in Wealth and is Expected to Hold 1/3 of Global Wealth in 2019

The Asia-Pacific region has overtaken Europe in the area of private financial wealth in 2014. The Boston Consulting Group estimated that East and West Europe holds a private wealth of $42.5 trillion, while the Asia-Pacific (Japan not included) is growing at a fast pace and now holds $47.3 trillion. They are also expected to ave more than one-third of the $222 trillion global total by 2019.

Asia-Pacific (Japan not included) will surpass the North America's private financial wealth by 2016.

BCG's estimate of total financial wealth:

1. North America: $50.8 trillion (+5.6%)
2. Asian-Pacific (Japan not included): $47.3 trillion (+29%)
3. Western Europe: $39.6 trillion (+6.6%)
4. Japan: $14.3 trillion (+2%)
5. Middle East and Africa: $5.7 trillion (+9.4%)
6. Latin America: $3.7 trillion (+10.5%)
7. Eastern Europe: $2.9 trillion (+18.8%)

U.S. Economy Added 321,000 jobs in November

Employment numbers are stronger than expected in November as the U.S. economy created 321,000 jobs. Experts and economist was expecting 230,000 increase. The U.S. Labor Department said in a report Friday that businesses have added 321,000 jobs in November. This is the biggest hiring increase in nearly 3 years.

However the unemployment rate was unchanged at 5.8%, and the people who are unemployed is now at 9.1 million. The people who are unemployed for 27 weeks or more in November is at 2.8 million.

November is the 10th month that the economy has added 200,000 jobs, but it must add at least 250,000 jobs on average monthly to keep pace with population.

The bad news is, 6.9 million people who are working are employed part-time since they cannot find full-time job.

Merry Christmas To All!

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