China’s millionaires are expected to top Asia’s rich ranking by 2015, accounting for half of Asia’s rich and holding more than half of Asia’s wealth according to the latest report from Julius Baer Group Ltd. and CLSA Asia Pacific Markets.
China is projected to have 1.4 million high net worth people — individual with more than $1 million in assets excluding primary residence — holding $8.76 trillion of the region’s $15.81 trillion of wealth.
“In terms of the overall amounts of wealth that will increase, it’s very much a China story,” said Stefan Hofer, emerging market equity strategist at Julius Baer.
China’s fast growing economy created 502,000 millionaires last year, according to the report. Currency appreciation in the region, which could create 600,000 new millionaires by 2015, is a factor in the meteoric rise in Asian wealth which is estimated to triple from $5.6 trillion in 2010.
Interestingly, in the ranking of Asia’s rich by 2015, Hong Kong and Singapore show up at numbers nine and ten, respectively.
China ranked fourth in the number of millionaires, trailing the U.S., Japan and Germany according to a report by Capgemini SA and Merrill Lynch Global Wealth Management in June.
RANKS OF THE RICH BY 2015
Country No of HNIs (1,000) Wealth of HNIs ($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