China ultra rich number set to soar
Print Edition
THE Chinese mainland is likely to see the biggest increase in the number of super rich globally over the next 10 years, with 154 new ultra-high-net-wealth individuals (UHNWIs) to be added into the bracket.
The UHNWIs refer to those with US$30 million or more in net assets excluding their main residence, according to a Knight Frank report, which tracks the super rich in 108 cities across 97 countries and regions.
In terms of percentage growth of billionaires, two-thirds of the top-30 cities will be Chinese cities in the next 10 years, the independent global property consultancy said yesterday after releasing the ninth edition of the annual wealth report in conjunction with the Bank of China International.
Notably by region, Asia overtook North America in 2014 as the region with the second-largest increase in UHNWIs only after Europe, the report said.
“The rise of Asia in the growth of wealth is certainly impacting prime residential markets across Asia and Australasia (Australia and New Zealand), with the region’s key cities and second-home destinations seeing strong price growth over the last five years,” said Nicholas Holt, head of research for Asia-Pacific at Knight Frank. “This is despite interventions by policy-makers in a number of markets.”
The residential sector is the most popular among Asian UHNWIs, with 84 percent of wealth advisors saying that their clients were becoming more interested in it. There was 68 percent for offices, said the report, citing a survey interviewing 500 private bankers and wealth advisors in the world.
The UHNWIs on the Chinese mainland and Hong Kong own the most number of homes — 4.7 and 4.6, respectively — per person, the report claimed.
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