It's raining millionaires in Asia
Asia will add 1.66 million dollar-millionaires by 2015, taking the total number of wealthy to 2.82 million as the world's fastest-growing major economies of China and India continue to mint millionaires, a report from Julius Baer said on Wednesday.
The Swiss wealth manager forecast that the wealth of high networth individuals (HNIs), those with $US1 million ($937,000) or more in investable assets, would nearly triple to $US15.8 trillion in the five years to 2015.
China alone would be home to nearly half of the millionaires in Asia with combined wealth of $US8.8 trillion. The world's most populous nation had 502,000 million HNIs with investable assets totaling $US2.6 trillion, the report said.
India would more than double the number of HNIs to 403,000 by 2015, while Indonesia would see the highest growth rate in the number of wealthy, up by a quarter to 99,000, the first such report from Julius Baer said.
The wealth manager forecast that China and India would collectively contribute 40 percent to global growth for 2011 and 2012.
RANKS OF THE RICH BY 2015
Country No of HNIs (1,000) Wealth of HNIs ($bln)
China 1378 8764
India 403 2465
Indonesia 99 487
Philippines 38 164
Thailand 128 609
South Korea 310 1074
Malaysia 68 329
Taiwan 136 593
Hong Kong 131 711
Singapore 129 616
Total 2820 15812