Asia dominated the top-ranked economies by wealth creation opportunity with four of the five leaders based in the region.
15 high and middle income economies were rated out of 100 based on four factors – economic fundamentals, market dynamics, innovation and risk – to produce an index to illustrate the opportunity for wealth creation. Whilst U.S. (57.7 points) led the pack, the remaining four of the top five economies – China (55.9), Singapore (54.9), India (54.1), Hong Kong (53.7) – were all from Asia.
The index was produced by the Economic Intelligence Unit for RBC Wealth Management.
Strengths and Weaknesses
Strong economic fundamentals and innovation underpinned the high ranking of the aforementioned Asia economies with China leading the former criterion at 66.7 points and Singapore ranked second for the latter at 72.1 only behind Japan’s 77.0.
Nonetheless, there remained areas for improvement including market dynamics (defined by economic openness, attractiveness and activity level) where China and Singapore ranked ninth and 13th, respectively. In terms of risk across macroeconomic, financial and political factors, Hong Kong and China ranked tenth and 14th, respectively.
«Asia is the region to watch when it comes to wealth creation over the next few years, buoyed in particular by robust economic growth and innovation,» reiterated Samantha Grenville, consulting director with The Economist Intelligence Unit.
