Please see press release below from WealthInsight, the London based global wealth consultancy, which has conducted an in-depth analysis of the high net worth community in over 10 Asian Pacific countries.
This press release is part of WealthInsight’s report entitled: "Asian Cities Wealth Book 2012"
Press release: Top 20 APAC cities for multi-millionaires
At the end of 2011, Singapore was the largest APAC city in terms of multi-millionaires (3,154), followed by Hong Kong with 2,560, Beijing with 1,318, Seoul with 1,302, Taipei with 1,255 and Shanghai with 1,028.
The table below details the performance of APAC cities with 50 or more multi-millionaires over the past four years. Ho Chi Minh City was the top performing major city with multi-millionaire growth of 157%, followed by Jakarta with 116% growth.
According to WealthInsight analyst Andrew Amoils: "Ho Chi Minh City’s performance was assisted by strong growth in the Vietnamese economy, with a large number of new multi-millionaires emerging from the local financial services, real estate and basic materials sectors"
In Jakarta: "growth was positively influenced by the emergence of large number of new millionaires from the basic materials and transport and logistics sectors, as well as a strong performing local real estate market – Jakarta prime real estate prices rose by over 60% during the period."
Please find full white paper attached.