Daily Archives: June 19, 2015

Asia is now richer than Europe

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The Economist reports:

For the first time in modern history, Asia is now richer than Europe. And it is catching up with North America too; by 2019 the region’s wealth is expected to reach $75 trillion compared to $63 trillion in North America. And although America is still the country with by far the most millionaires in the world, of the 2m new millionaire households created last year 62% are from Asia-Pacific. China is the main driver here; it will account for 70% of Asia’s growth between now and 2019, predicts BCG, and by 2021 it will overtake America as the world’s wealthiest nation.

…… But although Asia is now richer than Europe, individual Asians are not. Once wealth (including life and pension assets) is broken down per household a different picture emerges: whereas European households now have $220,000 in wealth and America’s $370,000, China still has a long way to go with its $72,000 (as does Asia-Pacific as a whole with $54,000). Convergence is certainly conditional.

Summer Reading List

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For only the second time in the last 10 years I am spending the whole summer in North America (and terribly missing the Jamuhuri). Which means I’ll have a little bit of time for some reading beyond my immediate research work. Here are some books that I have started reading since the beginning of the year or plan to read this summer. I’ll write reviews on a few of them over the next two months.

Fiction: 

We Need New Names – NoViolet Bulawayo

Waiting for the Wild Beasts to Vote – Ahmadou Kourouma

Nervous Conditions – Tsitsi Dangaremba (I am deeply embarrassed to say I’ve never finished reading this classic)

Stoner – John Williams

Political Economy:

The Settler Economies (Kenya and Zimabwe, 1900-63) – Paul Mosley

Medieval Africa, 1250-1800 – Roland Oliver and Anthony Atmore

Democracy in Africa – Nic Cheeseman

Ethnic Patriotism and the East African Revival – Derek R. Peterson

Economic Crises and the Breakdown of Authoritarian Regimes – Thomas B. Pepinsky (If you are a Comparativist, read Pepinsky often)

The Mind of the African Strongman – Herman J. Cohen

Political Order and Political Decay – Francis Fukuyama (Volume I was epic. Very few people do the big picture stuff the way Fukuyama does)

Bonus (time permitting):

The Firm – Duff McDonald (It’s crazy how many of my close friends work for McKinsey or are alums of the firm)

Between the World and Me – Ta-Nehisi Coates

The Philosophical Breakfast Club – Laura J. Snyder