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Hong Kong’s HNWI wealth and population growth fastest in world
14 October 2011
Category:
News, Asia, Global, Hong Kong
Asia-Pacific’s population of high net worth individuals (HNWIs1) grew 9.7% to 3.3 million in 2010, exceeding Europe’s for the first time and placing the region as the world’s second-biggest market after North America, according to the 2011 Asia-Pacific Wealth Report from Merrill Lynch Global Wealth Management and Capgemini. Asia-Pacific HWNI wealth, which overtook Europe’s in 2009, gained 12.1% to US$10.8 trillion in 2010, compared with Europe’s US$10.2 trillion. With the fastest regional growth rate, the number of Ultra-HNWIs2 in Asia-Pacific rose 14.9% to 23,000, while their wealth jumped 16.8% in 2010, beating increases of 10.2% and 11.5% in global UHNWI population and wealth respectively. Now the world’s second-biggest market for HNWI wealth and population, the region’s HNWI numbers are also 18.3% larger than 2007, prior to the global financial crisis.
In 2010, Hong Kong’s HNWI population jumped 33.3% to 101,300, recouping the declines posted during the global financial crisis and surpassing the previous peak of 96,000 in 2007. This is the second straight year in which Hong Kong’s HNWI population growth was the most in the world, as it continues to benefit from a healthy economy as well as gains in the equities and real estate markets. The growth rate of Hong Kong’s HNWI wealth was also the fastest in the world, at 35%, bringing the total figure to US$511 billion.
“Wealth accumulation in Hong Kong continued on a strong trajectory last year, building on 2009’s robust base,” said Wilson So, head of North Asia Advisory at Merrill Lynch Global Wealth Management. “Despite recent dislocations in the global markets, the long-term fundamentals of Hong Kong’s economy remain solid and will help investors withstand any volatility ahead.”
1 HNWIs are defined as those having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables
2 Ultra-HNWIs are defined as those having investable assets of US$30 million or more, excluding primary residence, collectibles, consumables, and consumer durables
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