Understanding Asia’s High Net Worth Individuals

Samuel Oskys26/07/20192min
If you wish to look at where wealth growth is in the world look towards APAC. It set a new record last year with 6.2 million High Net Worth Individuals holding $21.6 trillion in wealth.

China continues to be a big player among the key markets in the world alongside the US, Japan, and Germany. The four aforementioned markets account for 62% of new HNWI in 2017. In other parts of APAC, India has been recognised as the fastest-growing market globally in 2017. Achieved via a 20.4% HNWI population and 21.6% wealth growth, it is expected that by 2025 Asia-Pacific will hold more than $40 trillion in HNWI wealth.

The growth in Asia’s wealth grows alongside the expansion of technology. One area is the rapid increase in tech companies who are taking steps towards financial services with the potential of wealth management, stepping away from western services that the world has relied on for many years. Some noteworthy companies are Amazon, Apple, Facebook, Google, and Microsoft, Chinese tech companies that have been leading the push.

Recently Tencent invested $360 million in investment bank China International Capital Corporation. Following this Tencent received a license to sell mutual funds to WeChat’s 1 billion users.

With forward steps like this in Wealth driven countries, some are sceptical, however younger generations prove to be open to the idea of big tech companies creating innovative financial services and wealth management tools.

The finance industry recognises Asia’s HNWI leading role in this development with people embracing it with open arms as about 87.1% of APac (ex-Japan) HNWIs showed a desire to use big tech wealth management services in 2018.

Samuel Oskys

Sam Oskys is a British born technology enthusiast, automotive lover, artist, author and editor. His inspiration has been his life experiences; his evolution and adaptation in society and life itself and as a result, translated these emotions into art and words within his work in this duration. Writing about trendy, technology, automotive and lifestyle-related material is what he mainly focuses on and he’s currently one of the authors for High Worth Citizen. Contact Sam at +357-22029786 ext: 6115 or by email at [email protected] for editorial related questions.

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High Worth Citizen is all about delivering the latest business news on finance, investment, real estate and wealth. Our readers are the rich and powerful, their associates and business partners, the global High Net Worth Individuals.