Wealth continues to flood into Asia with 36 percent of the world’s super-rich population now located here, according to Knight Frank’s The Wealth Report 2018. Defined as being worth USD 50 million or above, there are now more super-rich individuals in Asia than Europe.
A total of 35,880 super-rich individuals call Asia home and this total grew by 15 percent between 2016 and 2017. Nearly 10,000 people in Asia have reached super-rich status since 2012 with only North America adding more during this time.
Asia looks set to add to its super-rich ranks in the near future with The Wealth Report 2018 predicting an increase of almost 20,000 ultra-wealthy individuals between now and 2022. The number of super-rich individuals in China is expected to double in the next five years while Malaysia and Indonesia will see an increase of more than 65 percent.
Where is Asia’s super-rich population?
Japan is home to the most super-rich individuals in Asia with a tick under 10,000 people based here. However, the wealthy population growth in the “Land of the Rising Sun” was relatively small when compared to places such as mainland China and Taiwan. Here are some of the highlights of the Asia highlights from The Wealth Report 2018.
China – China now boasts 8,800 super-rich individuals putting it just behind Japan and could soon surpass the country. Wealth-X noted that expected economic and stock market increases, as well as expectations for more stringent rules about keeping money onshore, will contribute to strong wealth growth in China.
Hong Kong – Long home to Asia’s wealth, a total of 5,140 super-rich individuals are located here. This total grew by more than 10 percent between 20016 and 2017 and will likely keep rising in the next few years.
Singapore – There are 1,400 super-rich individuals in Singapore, which is pretty impressive for a country with less than six million people. Wealth growth will remain steady in the coming years.
Indonesia – Indonesia has 1,160 wealthy residents putting it just behind Singapore in Southeast Asia. However, this figure looks set to skyrocket between now and 2022, according to The Wealth Report 2018.
Thailand – Wealth growth in Thailand has been solid and there are now 770 super-rich individuals in the country. Should the Thai economy continues its recovery, this figure will rise.
This article can be found in Dot Property Magazine’s Southeast Asia Wealth And Outbound Investment Report 2018. Click here to read it.