The Boston Consulting Group has just revealed that the Asia-Pacific region has officially topped Europe in wealth for the year 2014.

Eastern and Western Europe had a combined estimated private wealth of $42.5 trillion, followed by Asia (excluding Japan), at $47.3 trillion. If Japan is included in the current total, Asia is already the richest region of the globe.

Asia just beat Europe in private wealth for 2014. Image 1.

Image: BCG

Several other regions of the world did not experience as much growth as the Asia-Pacific area in 2014. North America held $50.8 trillion at a 5.6% growth rate, while Japan only grew 2%, and Western Europe at 6.6%. Asia held the highest, at a much larger 29%.

This is the first time is recent history that this has happened. During the Great Divergence, or the period during and after the Industrial Revolution, Europe made leaps and bounds in investment due to industrial advances. Now, this industry is growing for Asia. 

By 2019, the projection reads that North America will be overtaken by the Asia-Pacific region, which will hold about a third of the total global wealth of $222 trillion. 

Cover image: EABER