Wealth-X: Asia's high net worth group to grow 88pc

KUALA LUMPUR: The number of Asian high net worth individuals (HNWIs) is set to rise by 88 per cent over the next decade, the highest rate of growth in any region.

By 2022, there will be more than 83,300 HNWIs in Asia, with a combined wealth of US$12.6 trillion (RM37.8 trillion).

According to data prepared by Wealth-X, Asia will be the biggest hub for wealthy individuals outside North America.

Wealth-X is the global leader in providing qualified prospects and intelligence on ultra high-net worth individuals.

At the release of Knight Frank's Wealth Creation report here, it was disclosed that the number of HNWIs - those with US$30 million or more in net assets - rose five per cent last year, or nearly 8,700 people.

While the total net worth of Asian HNWIs declined to US$6.4 trillion from US$6.6 trillion, the numbers still rose by three per cent.

Knight Frank, in its press release, said China's ultra-wealthy population will be more than doubled by 2022 and cities like Beijing, Shanghai, Guangzhou and Shenzen will have a combined wealth of close to US$300 billion.

"With such rapid growth in HN WIs, combined with government-led property market cooling measures, China's investors may start to view Malaysia's prime residential projects as an attractive investment destination in 2013," said Knight Frank Malaysia's head of international project marketing, Herbert Leong.

He said the demand for prime residential property for investment, lifestyle or as a safe-haven asset remained strong last year.

Leong added that in the Asia-Pacific, the Middle East and Africa, the demand had helped push the prime prices higher and in some cases, led to the government imposing restrictions to curb demand.