Asia’s private wealth market is to reach $15.81trn by 2015 with the number of high net worth individuals (HNWIs) rising to 2.82m, a Julius Baer study predicts.
The Julius Baer Wealth Report estimated the number of Asian HNWIs in 10 core countries will more than double by 2015 from its present level of 1.16m.
It forecasts combined wealth will almost triple over the same period.
These figures differ significantly from Boston Consulting Group’s (BCG) estimates of Asian HNWI forecasts which put total HNWI wealth in Asia at $37.3trn by 2015.
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Julius Baer’s research excluded Japan and Australasia which are included in the BCG study.
Indonesia to grow 25%
Indonesia is expected to show the highest HNWI growth rate, up 25% over a five year period to 99,000, with combined wealth of $487bn by 2015.
China alone is predicted to have 1.4m HNWIs with combined wealth of $8.76trn by 2015, according to the Baer report.
Rising currencies across Asia could create 600,000 new US dollar-based millionaires by 2015.
Baer’s report also confirmed that Asia-based investors generally have a higher proportion of equities relative to other regions in their portfolios but lower home bias (almost 50%) than Europe-based investors.
Focus on 10 core countries
The report focused on China, India, South Korea, Thailand, Taiwan, Indonesia, Singapore, Hong Kong, Malaysia and the Philippines.
It was conducted in conjunction with CLSA, Asia’s independent brokerage and investment group.
