Asia will displace Europe as the region with the most billionaires by 2023, according to The Wealth Report 2014 published by British property consultancy Knight Frank.
The number of billionaires in Asia is expected to hit 809 in 2023. Meanwhile, China is forecast to have 322 billionaires, exceeding the total number in the UK, Russia, France, and Switzerland combined, the report said.
In the next ten years, Asia will have 58,588 Ultra-High-Net-Worth Individuals (UHNWIs, individuals with USD30m or more in assets excluding their main residence ). Hong Kong's UHNWIs population is set to grow 37 percent to 3,502 by 2023.
Knight Frank expects London to remain home to the most UHNWIs in 2023. Singapore and New York will leapfrog Tokyo and Hong Kong to take second and third places, respectively, the report predicts.
The report also found that property accounts for 24 percent of UHNWI investment portfolios. Over 40 percent of survey respondents – private bankers and wealth advisors – said their clients had increased their allocation to property last year, with 47 percent expecting it to rise further in 2014.
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