The report titled ‘The Wealth Management in Asia’ says that the Asia-Pacific region is now home to 3.3 million HNWIs population, surpassing Europe’s 3.1 million and just behind America where HNWIs total 3.4 million.
Further, the report stated that 52.5% of Asian HNWIs are based in the region’s two largest economies, China and Japan.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Apart from an increase in the growth in the number of HNWIs, there has also been a concurrent rise of AUM in local and global wealth management firms operating in the region, offering new products and services tailored to the Asia-Pacific demographic.
James Duckworth, reports editor for VRL commented: "Financial power has been shifting towards Asia for the past 25 years. The commodity and manufacturing boom over much of the last decade in particular has fuelled a large part of the rise in the number of Asian HNWIs."
"The market response has been an expansion in the number and range of products and services being offered in, and it presents a huge opportunity for banking and financial service providers," he further added.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
