The number of high net worth individuals
(HNWIs) in Asia is set to reach 2.67m with an estimated net worth
of $16.7trn by 2015, according to Swiss private bank Julius Baer
(JB).
In its 2012 Wealth Report, which focuses on
Asia, the bank said that the region’s HNWI population is largely
immune from the economic ravages currently affecting the rest of
the world.
It adds that this is down to the strong
performance of the Asian economy, powered by “domestic demand
supported by robust job growth”.
JB also revealed that its 2015 HNWI forecast
was more than 30% of the level estimated in 2010.
Indonesia shows
highest HNWI growth
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe report says that China’s own HNWI
population will rise to 1.46m with a wealth stock of $9.3trn.
Indonesia is predicted to show the strongest
HNWI population growth in Asia with 25% compounded annual growth
rate.
The findings attribute Indonesia’s healthy
prediction to a flourishing domestic business environment, while
China’s wealth growth is supported by geographic rebalancing of
economic activity.
JB added that India’s wealth creation was due
to the extension of infrastructure and labour moving out of
agriculture.
Luxury living in Asia continues to
rise
Commenting on the report findings,
WealthInsight analyst Andrew Amoils said Vietnam and Indonesia will
continue to be top performing APAC countries, in percentage growth
terms, for HNWIs and UHNWIs over the next five years.
“Thailand, India and the Philippines are also
expected to perform strongly,” he added.
JB’s wealth report also looked at how much it
costs to live in luxury in Hong Kong, Shanghai, Singapore, and
Mumbai by tracking 20 luxury goods.
It showed an 8.8% rise in prices for these
luxury goods since last year.
“This shows clearly that the cost of living in
luxury in Asia continues to substantially outpace conventional
Consumer Price Index ( CPI) measures, which stood at approximately
6% for the same time period”, the report said.
Reported stories
Julius Baer acquires Merrill Lynch IWM
business
Julius Baer AuM hits record high, signs China
JV
Julius Baer signs JV with Bank of China