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Alternative Market Briefing

Asia to become the world's No 2 wealth hub in five years: Knight Frank

Monday, March 30, 2020

Laxman Pai, Opalesque Asia:

Asia set to be world's second-largest wealth hub by 2024, with the number of ultra-high-net-worth individuals (UHNWIs) in the region forecast to grow by 44% in the next five years, said a study.

According to Knight Frank's 'The Wealth Report', the US dominates with 240,575 UHNWIs, more than Europe and Asia combined. However, Asia's forecast five-year UHNWI growth is double North America's projected rate, with high growth expected in India (+73%), China (+58%) and Indonesia (+57%).

Wealth continues to be created around the world - particularly in Asia's economic hubs. The world's UHNWI population is expected to rise 27% in the next five years, however, the changing geopolitical and regulatory environment, and shifting social attitudes to wealth, means there should be a reassessment of what it means to be wealthy.

The dominant investment trends in this edition are wellness, impact investment and Environmental Social Governance (ESG).

Results of Knight Frank's new global Wealth Sizing Model suggests that geopolitical uncertainty is failing to slow wealth growth. In 2019, the world's UHNWI population was 513,244 and is expected to increase by 27% in the next five years, taking the total to 649,331.

China and the US are under the spotlight once again. Although both countries dominate the market, research has shown that they have created two distinct economic ecosystems. Besides, both the US and China dominate the unicorn ......................

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