Economic power is shifting from the old Group of Seven nations (Canada, France, Germany, Italy, Japan, UK and the US) to the new Asian G7 (China, Hong Kong, India, Korea, Malaysia, Singapore and Taiwan.)
Meanwhile, the luxury index hits record highs: A sharemarket index of luxury good companies hit record highs in mid-March before since modestly retreating. The Deutsche Börse World Luxury Index rose by almost 230 per cent in the three years to March 14, underpinned by rising sales in the Asian G7 nations.
In Australia, luxury car sales have lifed; the CommSec sales index of 10 super-luxury marques hit a 26-month high in March. Australia has the fifth highest income per capita in the world.
To read the full report, click here.