Moscow. June 14. INTERFAX.RU Russia, despite the expected slowdown in growth of private capital in the country, remains his principal source in Eastern Europe, to such conclusion came the experts of Boston Consulting Group (BCG).
As stated in the BCG report, Russia remains the leader of growth of private capital in Eastern Europe.
“Despite the expected in Russia, the slowdown of private capital to 5% per year, the country will remain its main source in Eastern Europe. The young Russian market of wealth management (private banking) has a high growth potential, especially its offshore part (funds placed on the territory of Russia – if), which is associated with increasing the transparency of the sources and movement of capital,” said partner and managing Director BCG Max Hauser.
According to the study, the average annual growth rate of private capital in Russia in 2015-2016 slowed to 2.4% from 13.7% in 2011-2015.
According to forecasts, in the period from 2016 to 2021 average annual growth rate of private capital in Russia will be 4.9%.
Global private financial wealth in 2016 has grown by 5.3% (previous year: 4.4%) to $166,5 trillion, first and foremost, this growth was caused by the acceleration of economic growth and the good results obtained on equity markets in many parts of the world. All regions showed growth, while Asia-Pacific was again the fastest growing, reaching 9.5 percent. In Western Europe growth was moderate (3.2 percent) – said the situation around the British exit from the EU (Brexit).
According to forecasts by BCG by the end of 2017 the level of private wealth in the Asia-Pacific region will surpass the same indicator in Western Europe. By 2019, the total level of private wealth in the Asia-Pacific region and Japan will exceed the same indicator in North America, the study says.