Christopher ZeniosWhat is key to note is that the growth is slower in comparison with the last period which was measured between the years 2013 – 2018 when the number of billionaires in Asia doubled from 363 to 787. India alone saw a billionaire population rise of 116% during that period. While the expected growth of 37% for the next 5 years beats the global average.
In the period between 2019 and 2023, countries in the Asian region will see the fastest growth in ultra-high net worth individuals (UHNWIs), who have assets of $30million or more.
The growth in India is leading with 39%, the Philippines follows with 38% and then China with 35%. India’s wealth will most likely continue increasing with UHNWIs population rising to 2,697 over the next 5 years. It is said that the Philippines will have approximately 296 UHNWIs in less than 5 years, that’s less than 2% of the most prominent Asian wealth hub being Japan.
Bengaluru amongst other cities has stood out and is expected to lead the UHNWI growth in India, with 40% growth in UHNWI population and making it the first among top 5 cities globally.
According to many sources, the forecast for wealth creation remains positive, even though UHNWI’s in Asia-Pacific are less optimistic about growing their wealth in 2019. Reason for this is because of their continued high-interest rates and ongoing US-China trade war.
The uncertainty around US-China trade tensions, a Chinese economic slowdown and Brexit have impacted the regional sentiment for the next twelve months. While the deterioration in any of these situations could further impact sentiment, Asia remains one of the key growth engines of the world economy.
