For years, the emerging entrepreneurial class of Asia has led the charge when it came to wealth creation. Their European counterparts, meanwhile, were long seen as conservative stewards of old money they had inherited and were mostly happy to maintain the status quo.
Not any more. Last year, the trend was broken as Europe outpaced “lacklustre” Asia Pacific in terms of the population of high-net-worth individuals (HNWIs) and wealth growth.
While some key markets performed well, the biggest markets of Japan and China weighed heavily in the region’s slowdown in 2021.