Please enter your username and password here:Forgot Password?
Please enter your details here:or Login
By ExpatBriefing.com Editorial
25 March, 2014
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.
About | Useful Links | Global Media Partners | Media | Advertising And Sales | Banners And Widgets | Glossary | RSS | Privacy & Cookies | Terms And Conditions | Editorial Policy | Refer To A Friend | Newsletters | Contact | Site Map
Important Notice: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. © Wolters Kluwer TAA Ltd 2016. All rights reserved.
The Expat Briefing brand is owned and operated by Wolters Kluwer TAA Limited.