European Private Wealth Climbs to Record $71 Trillion, Baer Says

Oct. 1 (Bloomberg) — Private wealth in Europe rose to a record 56 trillion euros ($71 trillion) last year even amid concern about economic stagnation, Swiss private bank Julius Baer said.

Wealth rose by 1.7 percent, exceeding levels seen prior to the collapse of Lehman Brothers Holdings Inc. in 2008, Julius Baer said in a report today. Wealth is expected to increase 40 percent to 79 trillion euros by 2019, it said.

Germany, the U.K., France and Italy accounted for almost three quarters of total net wealth, the Zurich-based bank said.

To contact the reporter on this story: Carolyn Bandel in Zurich at [e-mail]

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