MANILA, Philippines - The Philippines will have 38,000 millionaires by 2015, taking the total number of wealthy Asians to 2.82 million, a report from private banking group Julius Baer said on Wednesday.
The Swiss wealth manager placed the Philippines on the list of Asian countries with the largest number of high networth individuals (HNIs), or those with $1 million or more in investable assets by 2015.
China, which tops the list, would be home to nearly half of the millionaires in Asia with combined wealth of $8.8 trillion.
The world's most populous nation had 502,000 million HNIs with investable assets totaling $2.6 trillion, the report said.
India would more than double the number of HNIs to 403,000 by 2015, while Indonesia would see the highest growth rate in the number of wealthy, up by a quarter to 99,000, the report said.
The Swiss banking firm said its report was prepared in cooperation with CLSA, Asia’s leading independent brokerage and investment group.
It examined the drivers of wealth creation in ten of the most significant economies in Asia Pacific and forecasts the future size of the HNWI market by country.
Julius Baer's key findings include the following:
- For 2011 and 2012, Julius Baer forecasts that China and India together will contribute over 40% of global growth alone. The current deterioration in global economic conditions will see further supportive, pro-growth policies from China in the months ahead.
- The estimated 1.16 million HNWIs across Asia with wealth of USD 5.60 trillion in 2010 is forecast to more than double to 2.82 million with wealth to almost triple to USD 15.81 trillion by 2015.
- China alone is forecast to have 1.40 million HNWIs with stock of wealth of USD 8.76 trillion by 2015.
- Indonesia stands out with the highest growth rate in terms of numbers of HNWIs over the 5-year-period with 25% – rising to 99,000 with a stock of wealth of USD 487 million by 2015.
- Currency appreciation is key: The varying rates of rising currencies across Asia may create 600,000 new US dollar-based millionaires by 2015.
"Furthermore, based on client surveys and interviews covering a wide range of topics such as environment, philanthropy, investing, lifestyle and education, the report shows how Asia's HNWIs view the world. It also analyses the investment portfolios of HNWI in Asia by asset class and compares them to their peers in Europe and Latin America," Julius Baer said in a press statement. - with a report from Reuters