The millionaires club is growing. This year for the first time ever the there will be over 20 million people worldwide with assets worth more than $1 million USD. This club would make up a country with a population about 5 times that of New Zealand or over 80% of Australia that’s quite a lot of millionaires.
But the real story in global wealth right now is the growing number of multimillionaires, those with assets in excess of $30 million USD. Economists call them Ultra High Net Worth Individuals or UHNWI and their growth in recent years has been staggering and that’s all because of Asia.
Globally the UHNWI population is expected to grow by 22% over the next five years with eight in ten of the fastest growing populations clustered in Asia. In fact, India will lead the world in minting UHNWI with an expected rise of 39% growth, followed by the Philippines at 38% and China at 35%.
But it is not just multimillionaires who are clustered in Asia it is also billionaires. It is expected that there will be over 1,000 billionaires in Asia by 2023 which is amazing when you realize there will be about 2,700 worldwide. Asia will; be home to well over one third of all billionaires.
The important takeaway from these statistics is not how wealthy some individuals are getting but that more individuals, lots more, are becoming wealthier. In Asia the millionaires club will keep growing as the region becomes more prosperous and lifestyles improve. And that’s good news for everyone.