The number of high net worth individuals in Asia looks set to soar over the next four years, thanks to currency appreciation and massive economic growth in the continent, according to a new report.
Swiss private banking group Julius Baer said wealth in the region is expected to triple in the next few years to $15.81 trillion from $5.60 trillion, while the number of high net worth individuals will jump to 2.82 million from 1.16 million.
China will lead the growth in millionaires, with Julius Baer predicting that the country will have almost 1.40 million HNW individuals by 2015.
India and China are expected to account for 40% of global economic growth in 2011 and 2012, the report said.
Julius Baer also launched a new lifestyle index, examining 20 luxury goods and services representing discretionary purchases of HNW individuals in the region.
This has increased by 11.7% in the year period to April 2011, far greater than the 5.1% rate of inflation seen when using conventional CPI measures for the same time period.