They are people taking advantage of development opportunities in the region, especially in the financial, manufacturing and high-tech industries.
The charm of the other-summer TV series “Crazy Rich Asians” is to raise insights into a wealthy small group on the continent. However, it also indicates that this group is expanding rapidly in Asian society.
According to a new report from data firm Wealth-X, Asia is now creating more wealthy individuals – valued at $ 30 million or more – and accumulating wealth at a faster rate than any region. any other in the world.
Last year, Asia’s extremely wealthy population grew by 18.5% and their total assets increased by 26.7%, twice the rate seen in the United States, World Ultra Wealth Report 2018. be found. The combined wealth of wealthy people in Asia now totals $ 8.365 trillion, based on Wealth-X’s wealthy database analysis.
Undoubtedly, the United States is still the world’s leading place in terms of the number of wealthy people, fake up to 35% of the world’s extremely wealthy population, with a total assets of $ 10,998 billion. However, Asia is rapidly closing the gap. Over the past decade, Asia’s global wealth ratio has increased from 18% to 27%, positioning it behind the second richest region in the world, Europe (28%).
In the coming years, that gap is likely to narrow even further, according to the report. It predicts the extremely wealthy Asia-Pacific population will grow at 8.3% over the next 5 years, while total assets are growing faster by 8.6%. Meanwhile, the United States is expected to have an increase below the average.
That will make Asia closer and closer to the world’s richest regions, Vincent White, executive director of the Wealth-X Institute told CNBC Make It.
“Asia recorded the highest growth in the UHNW (ultra-rich) population with an disproportionate increase in combined wealth of more than a quarter,” White said. “In our forecast until 2022, we hope to see this continued growth, close the gap with the Americas and the EMEA.”
Where does wealth come from?
Improvements in the economy and soaring stock market last year demonstrated a benefit for the rich around the world, with the overall growth rate tripling from 3.5% in 2016 to 12.9. % in 2017.
However, Asia’s strong growth is driven by a new wave of super-rich entrepreneurs who are taking advantage of regional development opportunities, especially in the highly talented industries. major, manufacturing and high technology.
Much of this wealth accumulation comes from mainland China, where 26 of the world’s 30 fastest growing super rich cities, as well as India and Hong Kong. All three locations experienced a 30% increase in wealth in 2017.
But a significant percentage also comes from other places, in countries like Vietnam, Indonesia and Bangladesh. Indeed, over the past five years, Bangladesh has had the fastest growing number of super-rich people in any country in the world.
However, the accumulation of wealth is not limited to “rich people”. In the coming years, as more Asian countries continue to grow at a faster pace than more developed economies, wealth growth is expected to accelerate across all strata of the region, especially the middle class.
Currently, the Asian middle class has a total of about 525 million people, or 28% of the world’s middle class population, according to DBS’s “Imagining Asia 2020”. In the next decade, the group is forecast to expand more than three times to 1.74 billion.
“That will create about half of the world’s middle class population by 2020,” the report noted.
* Source: Investment bridge