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Laxman Pai, Opalesque Asia: The global population of ultra-high-net-worth individuals (UHNWI) is growing fast led by Asia, with the growth pace in countries such as Indonesia and India to be particularly impressive, said a study.
According to the Wealth Report 2021 issued by Knight Frank, there were 521,653 UHNWIs globally as of 2020, and the majority of them were in North America (190,085 UHNWIs), Europe (151,665 UHNWIs), and Asia (116,697 UHNWIs).
The global population of UHNWI is expected to record a 27% expansion from the end of 2020 to 2025, said the study.
"With lower interest rates and more fiscal stimulus, asset prices have surged, driving the world's UHNWI population 2.4% higher over the past 12 months to more than 520,000. The process was seen across North America and Europe, but it was Asia, with 12% growth, that saw the real upswing. The expansion in wealth was not universal, with a fall in the number of UHNWIs in Latin America, Russia, and the Middle East as currency shifts and the pandemic undermined local economies," it explained.
The US is, and will remain, the world's dominant wealth hub over the forecast period, but Asia will see the fastest growth in UHNWIs over the next five years, at 39% compared with the 27% global average.
By 2025, Asia will host 24% of all UHNWIs, up from 17% a decade earlier. The region is already home to more billionaires than any other (36% of the global total). The Chinese Mainland is the key to this ph...................... To view our full article Click here
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