The number of ultra-rich is growing
The global number of ultra-wealthy people is predicted to increase by 22 percent to nearly 250,000 in the five years to 2023, with Asian markets seeing the third biggest growth, according to an annual wealth report released on Tuesday by independent global property consultancy Knight Frank.
"Despite softening momentum in the region's economy, growth prospects in Asia remain favorable in the medium term," said Nicholas Holt, head of research for Asia-Pacific at Knight Frank. "While China's economy is expected to slow, emerging markets such as India and the Philippines will deliver some of the strongest growth over the coming years."
In particular, India will lead with a 39 percent rise in the number of ultra-high-net-wealth individuals over the next five years. The Philippines is forecast to grow 38 percent and the Chinese mainland 35 percent.
Ultra-high-net-worth individuals are those with US$30 million or more in net assets, excluding their main residence.
While the forecast for long-term wealth creation remains positive, the super rich in the region seem less optimistic about growing their wealth in 2019 compared with their global counterparts.
Factors including the uncertainty around US-China trade tensions, China's economic slowdown and Brexit are dampening their sentiment for the next 12 months, said the report, citing a survey interviewing 600 private bankers and wealth advisers in the world.
In 2018, Asia was home to the third largest population of ultra-wealthy people in the world, with Japan leading the region with 18,534 ultra-wealthy individuals, followed by 9,953 on the Chinese Mainland, 3,598 in Singapore and 3,010 in Hong Kong.