By Nikki De Guzman:
The number of high-net-worth individuals (HNWIs) in Asia is expected to surge by 88 percent in the next decade, the largest rate of increase of any region, according to intelligence firm Wealth-X.
Asia will become the largest hub for HNWIs outside of North America by 2020, with over 83,300 wealthy individuals enjoying a combined wealth of US$12.6 trillion (S$15.72 trillion), Wealth-X noted.
Meanwhile, Knight Frank’s Wealth Report 2013 revealed that Asian HNWIs – persons whose net assets are worth US$30 million or more – increased by five percent in 2012. However, their overall net worth fell from US$6.6 trillion (S$8.23 trillion) to US$6.4 trillion (S$7.98 trillion).
In particular, China’s number of ultra-wealthy will more than double by 2022, with cities like Shanghai, Beijing, Shenzhen and Guangzhou expected to hold a combined wealth of nearly US$300 billion (S$374.28 billion).
“With such rapid growth in HNWIs, combined with government-led property market cooling measures, China’s investors may start to view Malaysia’s prime residential projects as an attractive investment destination in 2013,” said Herbert Leong, Head of International Project Marketing at Knight Frank Malaysia.
Leong noted that the appetite for prime residential investment properties remained high in 2012.
He added that robust demand for prime properties in Asia-Pacific, Middle East and Africa have pushed prices up even higher, resulting in some cases in the implementation of cooling measures.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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