Malaysia's high net worth individuals will more than double from its current 32,000 to 68,000 persons in 2015, according to a media report by Malaysian publication, New StraitsTimes.

The report said this well-off segment will see their net worth increasing from $140 billion to $330 billion within three years’ time, prompting a positive response from second finance minister for Malaysia, Datuk Seri Ahmad Husni Hanadzlah who said these figures represented a strong vote of confidence in the continued health and sustainability of the country’s economic growth.

In anticipation of growing riches, he said Malaysia must develop its domestic investment management industry which could serve not only domestic wealth but also those from the Asia Pacific region. With regards to wealth management sector, he added that this is the fastest growing financial services industry in Malaysia and Southeast Asia.

"In terms of our Gross Domestic Product the domestic consumption is actually very strong, the main source is actually from public investment, as well as, government investments…So looking forward, we are optimistic that we can maintain growth this year," he said at the launch of a Labuan International Business and Financial Centre wealth management event, held last week.