However, Asia-Pacific’s exceptional growth trajectory in both financial and non-financial wealth has come along with a substantial spike in debt, the report added. Total debt in the region grew by more than 192 per cent since 2008, more than 20 times the growth in EMEA and almost four times the figure for the Americas.
Emerging economies tend to experience fast growth in the use of credit as their financial markets develop, the report said.
Conversely, comparatively low debt growth in Western markets may be because many households in the US and in Europe had to pay back debt over the last…
