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China's billionaires to exceed combined total in UK, Russia, France and Switzerland in 2023
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THE number of billionaires in China’s mainland is expected to exceed the total number of billionaires in the UK, Russia, France and Switzerland combined in 2023. The prediction is fueled by a positive outlook for wealth creation in China, which is set to add an extra US$1 trillion to the global GDP every year from 2013 to 2023, according to an annual wealth report by Knight Frank.
The number of ultra high-net wealth individuals, with US$30 million or more in net assets excluding their main residence, meanwhile, is forecast to jump 80 percent to exceed 14,200 in China by 2023, said the world’s lead-ing independent property consultancy, which released the eighth edition of the annual report this year.
In Asia, the number of “UHNWIs” is set to exceed 58,500 by 2023, overtaking the total number in North America.
Based on the forecast of cities with the top growth of UHNWIs over the next 10 years, 19 of the top 20 cities are from Asia and Ho Chi Minh City emerged as tops, followed by Jakarta. And 15 of the cities are from China, according to forecast by Knight Frank.
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