A guard walks past the National Stock Exchange building in Mumbai, India, on February 9, 2018.
Danish Siddiqui | Reuters
Indian and Chinese stock market capitalization may grow fourfold by 2050 as Asia turns from “laggard to leader” in the climate transition, according to Abrdn CEO Stephen Bird.
In a letter seen by CNBC marking the 30-year anniversary of the British investment company’s first Asian office opening in Singapore, Bird lauded the economic transformation over the last three decades that has seen more than a billion people lifted out of poverty.
He also noted that the region’s share of the global economy has become eight times larger than it was during the Asia Financial Crisis of 1997.
“Capital markets have also evolved and the region has switched from being mostly a destination for foreign investors to one where local investors dominate its markets,” Bird said.
He added that “the next 30 years looks to be every bit as…