If we could shrink the earth s population to a village of precisely 100 people, it would have 57 Asians and only 14 people in the Western Hemisphere. The changing Asian demography gives our industry enormous opportunities in this vital market. The global landscape is changing competition, too. Globalization of the financial services industry and the significant increase in mergers, acquisitions and joint ventures are adding to competitive pressures. There are great opportunities for companies that look ahead and anticipate consumer preferences and expectations.
Global expansion allows alternative growth opportunities for the U.S. financial services industry.
With global expansion comes increased opportunities to protect businesses and personal wealth. Growth in China has produced an emerging middle class. This results in the accumulation of private property which needs to be protected against loss. At Nationwide, our globalization strategy is to seek opportunities that best fit our exportable skills. One important skill we have as a company is our long-term cooperative relationships.