31-5-2023 (KUALA LUMPUR) Malaysia has emerged as one of the top 10 fastest-growing ultra-high-net-worth (UHNW) markets, alongside Singapore and Indonesia, according to the report.
UHNW individuals (UHNWIs) are individuals with a significant amount of wealth, with investable assets worth at least US$30 million (RM138 billion).
In the Asia Pacific (APAC) region, which encompasses Southeast Asia and East Asia, the UHNW population has experienced substantial growth of nearly 51% from 2018 to 2022.
Although growth is expected to slow to 40% over the next five years (2022-2027), the APAC region continues to lead the world in wealth creation.
The Wealth Report is published by real estate agency Knight Frank Property Hub.
Dominic Heaton-Watson, Associate Director at Knight Frank Property Hub, highlighted Malaysia as a standout performer with significant growth over the five years leading up to 2022. “Despite the uncertainties ahead, Malaysian UHNWIs are poised to take advantage of a diverse range of sectors, including medical, logistics, technology, hospitality, finance, and real estate,” he stated in a press release.
Christine Li, Head of Research for Knight Frank Asia-Pacific, noted that Singapore, Indonesia, and Malaysia were among the top 10 markets globally with the fastest-growing UHNWIs, despite a 5.7% population decrease in 2022.
The top 10 countries for UHNWI growth from 2021 to 2022 are the UAE (18.1%), Tanzania (13.9%), Brazil (11.2%), Nigeria (10.7%), Saudi Arabia (10.4%), Malaysia (9.4%), Indonesia (9.0%), Singapore (6.9%), Turkey (6.2%), and Canada (6%).
