2009-09-16 03:53:00
Europe Reportedly Has $32.7 Trillion Dollars in Assets Under Management
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According to a recently conducted survey by the Boston Consulting Group, Europe has now surpassed North America as the world's richest continent.
In 2008, Europe reportedly had a total of $32.7 trillion dollars under management, while North America had $29.3 trillion.
Europe was able to claim the #1 spot due to North America experiencing the largest drop of assets under management of any other continent in the world. According to this Forbes.com article, North America's "total wealth as measured by assets under management" dropped a staggering 21.8% last year, which was far more than any other continent on the planet.
North America's precipitous decline was largely due to the fact that it held a great deal of its wealth invested in equities. North America had (and still has) a great deal of its total wealth invested in the equity markets, and those markets took a swan dive in 2008. Europe was able to suffer less damage in the worldwide equities rout of 2008, and therefore was able to claim the title of the world's richest continent.
The article goes on to say that the number of millionaires across the planet dropped to 9 million from 11 million last year, and that North America and Europe suffered the steepest drops.
Despite the fact that Europe is a wealthier continent now, North America still has the most millionaire households (4 million in the United States alone).
Barring a continued run-up in the equities markets over the last 3 1/2 months of the year, I would expect that Europe will claim the title for the second year in the row once the 2009 numbers are tabulated.
Filed under: General Knowledge
15 COMMENTS - What Say You?
Comment by a real person on September 22, 2009 @ 3:41 am
thats a pretty amazing achievment considering europe was the continent destroyed most by world wars - twice.
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Comment by romel estabillo on October 30, 2010 @ 9:16 am
yah i agree that europe is richest continent in the world in terms of asset..
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Comment by racquel lime on January 12, 2011 @ 7:33 am
that's true!!!!
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Comment by someone you dont know on April 22, 2011 @ 3:56 pm
i wish it was asia
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Comment by a bunch of question marks on April 28, 2011 @ 9:55 pm
its surprizing i would think that since europe is one of the smallest continents
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Comment by Random on May 14, 2011 @ 6:10 am
It's not strange to think that Europe is the richest continent in the world because it's small. Europe has been the military powerhouse of the world for thousands of years and is home to most of the world’s discoveries and inventions over the past millennium. Yes Europe bore the brunt of WWI and WWII but the continent has been fighting wars for longer than some continents have been around. Just look at London, during WWII London was flattened by German bombs, Britain literally bankrupted itself and gave up its Empire (the largest Empire in history) to stop Hitler from taking over the world, Britain lost everything. 60 years later and London is now once again the financial capital of the world.
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Comment by Royalist on May 16, 2011 @ 4:16 pm
The European Union is the future. Europe is the best at everything and is an example for the world.
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Comment by stein on June 11, 2011 @ 2:59 am
i feel very happy if it would Asia
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Comment by Ice man on September 20, 2011 @ 8:25 am
Yes it is a pleasure that europe rich
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Comment by *blank on October 17, 2011 @ 4:15 pm
You people are idiots, thinking that Europe is rich, the only reason it's rich is because the government taxes it's citizens to the poorhouse. It has the least number of people in the world so it would have less to spend on, and the government is so huge that George Orwell might as well have been right when "Big Brother" watches you all. The European Union is the future, the future or economic disaster.
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Comment by Manci Siya on November 12, 2011 @ 3:21 am
Yes, Europe is the richest and wealthiest continent. For over 2000 years it has been so powerful. Because of the Renaissance,Reformation, and Colonisation that's why it became so industriulised, with the best infrastructure ever and be world's richest and wealthiest continent. Europe did a lot of mercantilsm in African, American, and Asian countries. Were it took all wealth of the colonies to its self. That's why African, Latin America and Asian countries remained poor as you can see now.
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Comment by Manci Siya on November 12, 2011 @ 3:51 am
Europe is the first continent to live the selfsufficent stage, which lasted on the first half of the first mellineum Anno Domini. When the Renaissance, Reformation, Colonisation, and industrialisation began-it had already taken the Take Off stage of economy. The Renaissance is the one which led to the industrialisation and building of the commercial infrastructure in the 14th-the 18th century. So Europe's economic growth and development began in the first mellenium up until now. Especially from the beging of the second mellenium in the 1000s. The other countries' economic growth began in the 16th to the 19th century when colonisation took place. That's why Europe is the richest and wealthiest continent on earth
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Comment by Blaqmess on November 14, 2011 @ 4:48 am
Europe and america are rich because of africa,the richest continent that has the most poorest people in the world.europeans n americans can be proud of their achievements of aquiring wealth from killing masses.
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Comment by alex on December 27, 2011 @ 7:02 pm
ha-ha Europe is the richest. not surprised considering all the small but rich countries it has in it.
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Comment by tom on December 28, 2011 @ 7:45 pm
Europe will always be the richest continent, rich in history and wealth. it will soon be the next world superpower and it currently has the largest economy in the world.
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