SOURCE: The Boston Consulting Group

September 11, 2008 12:54 ET

Global Wealth Could Slip 10 Percent to $100 Trillion This Year Due to Financial Crisis, Says The Boston Consulting Group

Decline Would Mark the First Time in Seven Years That Global Assets Under Management Have Shrunk

NEW YORK, NY--(Marketwire - September 11, 2008) - After hitting a record $109.5 trillion in 2007, global wealth could fall by as much as 10 percent this year, to $100 trillion, as the financial crisis takes its toll on managed assets, according to The Boston Consulting Group (BCG).

Victor Aerni, a Zurich-based partner and coauthor of a new BCG report on global wealth, said that emerging data on the crisis have led BCG to revise its projection of 3.4 percent growth for global assets under management (AuM) in 2008.

"Bank results for the first half of 2008 show a clear meltdown in AuM," said Aerni. "On the basis of the very latest data, we now believe that global wealth will be either stagnant or down this year -- perhaps by as much as 10 percent."

Nevertheless, Aerni said, the firm has no plans to revise its five-year projection of 4.8 percent growth in global AuM. "I remain bullish on the longer-term outlook for global wealth," he said.

BCG's report, titled "A Wealth of Opportunities in Turbulent Times," was released on September 4. It is the firm's eighth annual study of global wealth.

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