Age of Asia: Rise of a multipolar world is an Economist Impact report, sponsored by PineBridge Investments, that examines Asia’s long-term and evolving place in the global economy. The trends discussed here form a picture of possibility, opportunity and risk that’s set to play a transformative role in the years ahead. As a multipolar balance of technological, economic and geopolitical power reshapes the global stage, Asia is very likely to take on greater importance globally. Considering the forces behind that change and where they might lead is the goal of this report.   Adam Green is the report author and Jason Wincuinas is the editor. In addition to desk research and data analysis, the report includes in-depth interviews with subject matter experts with on-the-ground views and experience of the region coupled with wider industry knowledge. Our thanks are due to the following individuals for their time and insights:   • Jeffrey Ding, postdoctoral fellow, Stanford’s Center for International Security and Cooperation; China lead, Future of Humanity Institute • Dr Hoe Ee Khor, chief economist, ASEAN+3 Macroeconomic Research Office • Lars Faeste, managing director, Greater China, Boston Consulting Group. • Hiroshi Fujiwara, delegate, International Federation of Robotics (IFR) and Japan Robot Association (JARA) • Parag Khanna, founder and managing partner, FutureMap; author, The Future is Asian: Commerce, Conflict and Culture in the 21st Century • Krittee Manoleehagul, vice-president, Tencent Cloud International for Southeast Asia • Charles Mok, founder and director, Tech for Good Asia; former Hong Kong legislator • Ma Tianjie, Beijing project director, China Dialogue • Patrick Tsang, chairman, Tsangs Group  

In some instances the impact of this shift will be shaped by local factors, such as demographic changes. In other instances this shift will reflect shared characteristics, as demonstrated by the greater popularity of overseas investing among younger high-net-worth individuals (HNWIs) brought up in an era of globalisation. Whatever the drivers, the landscape of wealth is changing—from local to global, and from one focused on returns to one founded on personal values.

Despite rising economic concerns and a tradition of investor home bias in large parts of the world, the new landscape of wealth appears less interested in borders. According to a survey commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit (EIU), younger HNWIs are substantially more enthusiastic about foreign investing. The U.S. is a particularly high-profile example of a country where a long-standing preference for investments in local markets appears set to be transformed.

Click the thumbnail below to download the global executive summary. 

Read additional articles from The EIU with detail on the shifting landscape of global wealth in Asia, Canada, the U.S. and UK on RBC's website.

 

 

To better understand the opportunities and challenges in developing a fintech business in seven ASEAN markets, The Economist Intelligence Unit conducted wide-ranging desk research supplemented by seven in-depth interviews with executives in Australia and ASEAN.

Download report and watch video interview to learn more.