The population and wealth of high net worth individuals (HNWIs) in Asia Pacific grew at double and triple the rates of HNWIs in the rest of the world over the period of 2007 to 2012.
According to the 2013 Asia Pacific Wealth Report by RBC Wealth Management and partner Capgemini, there was a 12.7 percent growth in the number of HNWIs in Thailand over the last five years, and a 19.3 percent jump in their combined wealth over the same period. According to the report there are currently more than 73,000 such individuals in Thailand with a combined wealth of more than US$355 billion.
HNWIs were defined by this report as those having investable assets of US$1million or more, excluding primary residence, collectibles, consumables, and consumer durables
Thailand outperformed global averages in terms of both increased numbers of HNWIs and their wealth.
Last year alone, the HNWI population in Asia Pacific increased by 9.4 percent to reach 3.68 million and their wealth grew by 12.2 percent to reach US$12 trillion, contributing to record high levels of global HNWI wealth.
M. George Lewis, Group Head, RBC Wealth Management & RBC Insurance, said: “The Asia Pacific market is clearly one to watch. Its leadership in global high net worth wealth growth positions it to become the largest wealth market by population as early as 2014.”
“Asia Pacific’s robust growth in 2012 builds on over five years of consistent outperformance. The region’s high net worth population and wealth has increased by 31 percent and 27 percent respectively since 2007, far outpacing growth in the rest of the world of 14 percent and nine percent,” he added.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote
this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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