Number of millionaires on the rise in Asia

Private financial wealth globally grew by 5.2% in 2015.

This is as per the BCG annual wealth report, which looks at private wealth in the form of cash, deposits and assets (excluding property).

A big chunk of this growth was due to the Asia Pacific region, which is on course to surpass Europe as the wealthiest region after North America, in 2017.

asia pacific richest people growth

Relatively stronger GDP growth in China and India, led to a big boost in the number of millionaire households in those countries.

This helped the Asia Pacific region to be the only one posting double digit wealth growth (13%).

global and asia wealth growth 2016

In developing markets, including in Asia, new wealth is driving growth. New wealth includes sources such as rising household income, as opposed to existing assets such as equity/bonds.

new wealth driving growth in asia

Similar to other regions, the wealth held by millionaire households is predicted to rise faster than non-millionaire households. This will continue to increase income inequality.

income inquality will rise in asia

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