Foreign Property News | Posted by Hnin Ei Khin
The population of demi-billionaires in Asia or those with a net worth of a least USD500 million will reach 2,940 by 2022, according to projections by Knight Frank.
This will put the region ahead of North America where the demi-billionaire populace is set to reach 2,830, the latest update of the consultancy’s Wealth Report showed.
Asia currently trails North America in the number of demi-billionaires, with 1,890 in the former and 2,100 in the latter as of 2017.
Demi-billionaires in the Middle East are also thriving, with predictions they will increase 28 percent to 500 through 2022, according to Arabian Business.
Around 140 of them will be sited in Saudi Arabia alone, increasing the demi-billionaire populace in the kingdom by 17 percent.
The global population of demi-billionaires is set to rise 39 percent through 2022, up from a growth of 14 percent in the period between 2012 and 2017.
Trade squabbles between the US and China, the spectre of Brexit, and the rise of interest rates aside, the number of ultra-wealthy individuals worldwide has stabilised.
There were 44,000 UHNWIs or those with net assets of more than USD50 million in North America in 2017, the highest of any region. Asia, in comparison, was home to 35,880 ultra-wealthy millionaires, edging out Europe which had 35,180.
Ref: Propertyreport
