Ultra-wealthy numbers fall for 1st time since 2008
Print Edition
A slower economic growth and a more volatile financial climate have combined to cause the first annual decline in the ultra-wealthy population last year since the global financial crisis in 2008, a report said yesterday.
Almost 6,000 people dropped out of the ultra-high-net-wealth individuals bracket in 2015, a 3 percent slide, said the report, published in its 10th year by independent global property consultancy Knight Frank and the Bank of China International Ltd. The report tracks the super-rich population in 98 cities globally.
The UHNWIs refer to those with US$30 million or more in net assets, excluding their principal residence.
“Of the 19 countries tracked within Asia-Pacific, 12 saw their UHNWI population fall last year, principally as a result of global macro-economic events, including China’s slowdown, the fall in the price of oil, volatile equity markets and the strengthening of the US dollar,” said Nicholas Holt, head of research for Asia-Pacific at Knight Frank.
“Looking at a longer-time horizon, however, Asia especially has been a fertile ground for the growth in the number of UHNWIs, with more individuals surpassing the US$30 million barrier than in any other region over the last decade.”
Only 34 of the 91 countries for which individual data are compiled saw an increase in UHNWIs globally last year.
The global population of UHNWIs has grown by 61 percent from 116,800 in 2005 to 187,500 now and will continue to expand by a notably slower pace of around 41 percent to 263,500 by 2025, the report said.
Emerging economies are predicted to lead the growth in UHNWIs. The number of Asian UHNWIs is set to surge by 66 percent over the next 10 years, compared with a 27 percent growth in Europe.
Succession and inheritance issues, wealth taxes and the world economy will remain the three main factors threatening wealth creation globally in the next decade as they had over the past 10 years, the report said.
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