Tom BurroughesThe number of high net worth individuals in Asia may reach almost 3 million and have combined wealth worth $16.7 trillion by 2015, according to a report released today by Julius Baer, the Swiss private bank.
Such a rise in the number of HNW individuals would represent a compound annual growth rate of more than 30 per cent from 2010 estimated levels, the Zurich-listed bank said in its second annual study.
Despite the “challenging” global economic environment, the bank said Asia has “remained resilient thanks to strong fiscal fundamentals, improved economic policy-making and greater diversification of trade links”. “The original forecasts have been re-examined against the deterioration in global growth, and the report concludes that the downside risk to Asia’s growth in HNW individuals is small,” the report said.
Banks such as Julius Baer, Royal Bank of Canada, UBS andCredit Suisse have been pushing into the Asian market to tap the rising wealth population. The recent RBC/Capgemini World Wealth Report showed that Asia now has the biggest population of HNW individuals in any region.
Among features of the Julius Baer report were that upside projections see China being home to 1.46 million HNW individuals whose stock of wealth could reach $9.3 trillion. In HNW individual population growth terms, Indonesia’s 25 per cent compounded annual growth rate is forecast to be the highest across Asia.
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