Chinese Millionaires to Hold Half of Asia’s Wealth

on August 31 2011 | in Lifestyle Trends | by | with No Comments

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.

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

image credit: stephen lai

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