- According to HSBC, after the aftermath of the Global Financial Crisis, Asia’s financial wealth has surpassed that of the US.
- By 2030, it is predicted that mainland China would have over 50 million millionaires, and India may have more than six million.
According to a study by HSBC Holdings Plc, Singapore will surpass Australia to have Asia’s highest percentage of millionaires in the adult population by 2030.
According to a survey released by the bank on Tuesday, the financial hub is predicted to be at the top of the list in Asia-Pacific, followed by Australia, Hong Kong, and Taiwan. By the end of the decade, the percentage of millionaires in those four nations is anticipated to surpass that in the US.
According to HSBC, Australia was ranked first in the region in 2021, with Singapore being second. HSBC did not provide information on how the US compared for that year.
Since the aftermath of the Global Financial Crisis, Asia’s financial wealth has surpassed that of the US, according to HSBC, and the region is also home to some of the world’s fastest-growing economies. According to the study, by 2030, there will be more than twice as many adults in Vietnam, the Philippines, and India who have wealth worth at least $250,000. However, there are also millions of people living in poverty in the region.
According to HSBC, the per capita mean wealth, nominal per capita gross domestic product, and adult population estimates, and predictions were used in the report’s household wealth estimations.
As per HSBC, mainland China is predicted to have about 50 million millionaires by the year 2030, and India may have more than six million. According to the report, that translates to around 4% of adults in mainland China and less than 1% of adults in India.
Frederic Neumann, chief Asia economist and co-head of global research Asia for HSBC, wrote in the report, “An account of Asia’s growing wealth also shines a light on the societal resources that are ultimately available to lift millions more out of poverty,”
He further stated, “After all, the region is hardly short of capital, even if this is unevenly distributed, both between and within economies.”