The number of wealthy individuals in Malaysia – and across much of Asia – is increasing, according to a new report on the growth and assets of the world’s super rich.
There are now 65,800 high net worth individuals (HNWI) in Malaysia, an increase of 6.6% from 61,800 in 2012.
According to the Asia-Pacific Wealth Report 2014 by Capgemini and RBC Wealth Management this has resulted in total wealth growth of 9.3%, or approximately US$420 billion in 2013, with the bulk of their assets allocated to fixed income (23.4%), cash equivalents (23.2%), real estate (19.7%) and alternative investments (16.6%).
Across the border in Singapore, the report found the number of HNWIs also increased by 4.5% in 2013 to 105,100, while their total wealth grew by 6.8% to US$523 billion.
However, only 12.5% of their assets are allocated to fixed income, with the bulk of it allocated in cash equivalents (27.1%), equities (23.1%) and real estate (22.8%).
The same report also showed a 9.4% increase in the number of HNWIs in Hong Kong from 113,500 in 2012 to 124,200 in 2013. This is an 11.9% increase in total wealth in 2013 to US$627 billion.
On the whole, the Asia Pacific region continues to lead the global HNWI population growth, with the largest growth of HNWI population at 17.3%, or 4.32 million individuals.