I don’t know why but I’ve been talking a lot about wealthy people these days – I’ve discussed everything from the youngest self-made billionaires to the multi-millionaire durian farm owner in Thailand who is giving away is entire farm to the person who would marry is ‘virgin’ daughter. Now I’ve come across an interesting report from property consulting firm Knight Frank. Based on Knight Frank’s 2019 Wealth Report, we are going to look at the top 10 countries that will see the fastest growth in ultra-wealthy population.
According to Forbes’ 2019 billionaires list, the number of billionaires around the world declined from 2,208 in 2018 to 2,153 in 2019. Of those billionaires that made it to the list this year, 994 saw a decline in their wealth compared to the previous year. Also, 247 people from the 2018 billionaires list dropped out of the ranks in 2019, the highest since the global financial crisis in 2009.
China, Europe, the Middle-East, Africa and many other regions witnessed a decline in the number of billionaires. It paints a gloomy picture, doesn’t it? Not quite, if you look at the Knight Frank report. According to the 2019 Wealth Report, the number of millionaires (in US dollar terms) across the world will exceed 20 million for the first time ever this year.
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Countries with the fastest growth in ultra-wealthy population
The ultra-wealthy population will also grow rapidly between 2018 and 2023, says Knight Frank. The ultra-high net worth individuals (UHNWIs) are people who have a net worth of $30 million or higher, excluding their primary residence. At the end of 2018, there were 198,342 UHNWIs on the planet. The number will jump 22% to 241,053 by 2023.
These countries will see the fastest growth in the ultra-wealthy population between 2018 and 2023:
According to Knight Frank, Poland had 589 ultra-wealthy individuals with net assets of more than $30 million at the end of 2018. That number will rise 29% to 757 by 2023. The number of millionaires in the European country will also jump 26% from 33,205 in 2018 to 41,760 by 2023.
Thailand will also see a 29% rise in its ultra-wealthy population between 2018 and 2023. Its UHNWI population will jump from 631 to 814. The number of millionaires in Thailand will also go up from 64,131 to 80,871 in the same period.
Romania is one of the only two non-Asian countries in this list. Its ultra-wealthy population will jump by 29% from 215 in 2018 to 278 in 2023. The number of millionaires in the country is also expected to jump 26% from 23,713 in 2018 to 29,935 in 2023.
7- South Korea
The neighbor to North Korea is one of the world’s most technologically advanced nations. According to Knight Frank, it had 1,893 ultra-wealthy people in 2018. By 2023, their number will jump 30% to 2,456. South Korea had 185,257 millionaires in 2018, which will go up by 27% to 234,835 in 2023.
The Malaysian economy is expected to keep growing at a healthy rate in the coming years, which should drive up the income and wealth of its people. The number of ultra-wealthy people is predicted to jump 31% from 636 in 2018 to 830 in 2023. The number of millionaires will also see a 27% rise from 29,272 to 37,315 in the same period.
Vietnam has turned out to be one of the most impressive success stories in Asia over the last couple of decades. According to Knight Frank, the number of UHNWIs in Vietnam will increase by 31% from 142 in 2018 to 186 by 2023. The country had 12,327 millionaires in 2018, a number that will rise 28% to 15,776 by 2023.
Indonesia had 756 UHNWIs in 2018. The number is expected to jump 32% to 995 by 2023. The country’s millionaire population will also increase by 28% from 43,118 to 55,353 in the same period.
China’s economic growth rate is slowing down, and the uncertainties due to the US-China trade war could hurt the Chinese economy in the short term. But its growth prospects remain favorable in the medium term. Mainland China had 9,953 ultra-wealthy people in 2018. Their population will jump 35% to 13,429 in 2023. The number of millionaires in China will also increase 31% from 1,535,473 in 2018 to 2,017,514 in 2023.
2- The Philippines
The Philippines had just 215 UHNWIs in 2018. But their population is expected to jump 38% to 296 by 2023. The ultra-wealthy people in the country are increasingly putting their money into real estate. The number of millionaires in the Philippines will also go up 34% from 24,162 to 32,363.
At 39%, India will see the fastest growth in its ultra-wealthy population. India had 1,947 UHNWIs in 2018. Their population will jump to 2,697 by 2023. The number of millionaires will also increase by 35% from 326,052 to 438,779 by 2023. India is the world’s fastest growing large economy. Its rapid economic growth is expected to lift millions of people out of poverty while also making the wealthy people wealthier than before.