HONG KONG – Asia will see the fastest billionaire population growth in the world over the next four years, despite economic uncertainties in the region, a report by Knight Frank LLP released in Hong Kong Wednesday, March 6, has revealed.
The report says the number of Asian billionaires will rise by 27 percent to 1,003 between 2018 and 2023. This will be making up more than a third of the world’s total billionaire population of 2,696.
In North America and Europe, the billionaire population growth rates stand at 17 percent and 18 percent respectively.
India leads with high net individuals
Asia will also see the biggest increase in ultra-high net worth individuals – people with net assets of $30 million or more. India leads the world with an expected 39 percent surge, followed by the Philippines and China.
The report said that while the rich may be getting richer, they are also becoming more cautious. It says an increasing number of individuals in Asia plan to keep more of their wealth in cash and less in assets exposed to market cycles such as gold or bonds.
The Hindustan quotes Mr. Nicholas Holt, the Knight Frank Asia Pacific’s head of research, as saying: “We are seeing a re-balancing of portfolios away from equities toward more defensive asset classes,” adding: “While cash, gold and private equity are likely to be increasingly targeted, investment-grade property with strong tenant covenants will also see significant interest over the next 12 months.”