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Asia’s Billionaire Population Fastest Growing Globally

13 June 2019

Malaysia, 24 April 2019 Asia’s billionaire population growth is set to outpace other regions between 2018 and 2023, according to data prepared exclusively for the 13th edition of The Wealth Report. The number of billionaires from the region will rise by 27%, surpassing growth in North America (17%) and Europe (18%), reaching 1,003 in the next 4 years – more than a third of the world’s total billionaire population of 2,696.

However, this growth is at a slower pace compared with the last period measured from 2013 to 2018 when the number of billionaires in the region more than doubled from 363 to 787.

Distribution of Ultra-High Net Worth Individuals (UHNWIs)
Echoing the trends seen in previous editions of The Wealth Report, Asian countries will also see the fastest growth in
UHNWIs, defined as those with net assets of US$30 million or more, in the period between 2018 and 2023. Of the 59 countries and territories in Knight Frank’s forecasts, 8 of the top ten countries by future growth are in Asia, Malaysia occupy the 6th place at 31% growth.

Top 15 countries/territories with the fastest UHNWI population growth 

Rank

Country/Region

2018

2023

% Growth (2018-2023)

1

India

1,947

2,697

39%

2

Philippines

215

296

38%

3

China

9,953

13,429

35%

4

Indonesia

756

995

32%

5

Vietnam

142

186

31%

6

Malaysia

636

830

31%

7

South Korea

1,893

2,456

30%

8

Romania

215

278

29%

9

Thailand

631

814

29%

10

Poland

589

757

29%

11

Germany

14,047

17,854

27%

12

Hong Kong

3,010

3,821

27%

13

Spain

4,111

5,202

27%

14

New Zealand

1,292

1,629

26%

15

Taiwan

1,781

2,233

25%

Source: Global Data WealthInsight


Nicholas Holt, Head of Research, Knight Frank Asia Pacific, says, “Despite softening momentum in the region’s economies, growth prospects in Asia remain favourable in the medium term. While China’s economy is expected to slow, emerging markets such as India and the Philippines will deliver some of the strongest growth over the coming years.”

Though the forecast for long-term wealth creation remains positive, UHNWIs in Asia-Pacific are less optimistic about growing their wealth in 2019, according to the Attitudes Survey. Against the prospect of continued higher interest rates and with the ongoing China and US trade tariffs, wealth advisors in Asia (excluding Australia and New Zealand) were among the least optimistic globally about their clients’ ability to create wealth in 2019.

“The uncertainty around US-China trade tensions, a Chinese economic slowdown and Brexit have all dampened regional sentiment for the next twelve months. While a deterioration in any of these situations could further impact sentiment, Asia remains one of the key growth engines of the world economy,” says Holt.

For more information, please visit: http://www.knightfrank.com/wealthreport 

END 

For further information, please contact:

Ms Seline Soo, Marketing & Communications Manager, Knight Frank Malaysia

seline.soo@my.knightfrank.com +603 2289 9669 @KnightFrank_my

Ms Penny Hoo, Marketing Executive, Knight Frank Malaysia

penny.hoo@my.knightfrank.com +603 2289 9667 @KnightFrank_my

 

Notes to Editors

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 15,000 people operating from 418 offices across 60 countries. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit knightfrank.com.

Knight Frank has a strong presence in Malaysia with its headquarters in Kuala Lumpur as well as branches in Penang, Johor and Kota Kinabalu. The company offers high-quality professional advice and solutions across a comprehensive portfolio of property services and is registered with the Board of Valuers, Appraisers and Estate Agents. The Company is licensed to undertake property, valuations / consultancy, estate agency and property management and is also on the panel of all leading banks and financial institutions. For further information about the Company, please visit www.knightfrank.com.my.