Financial hub Singapore is projected to lead Asia Pacific as the market with the highest proportion of millionaires by 2030, according to a recent HSBC report.
By 2030, Singapore is expected to lead APAC by millionaires per capita, according to a recent report by HSBC based on 15 economies in the region. The bank forecasts that millionaires will make up 18.5 of the city-state’s population by 2030, up from 7.5 percent in 2021.
Australia, which ranked second in 2021 at 8 percent, will drop to second place at 12.5 percent by the end of the decade, followed by Hong Kong at 11.1 percent. With the addition of Taiwan, the four Asian markets will surpass the US with 9 percent of its population projected to be millionaires.
Lifting Millions Out of Property
Mainland China’s millionaire count will reach 50 million by 2030 while India’s will exceed 6 million, equivalent to about 4 percent and less than 1 percent of the adult population, respectively. Other markets that will experience rapid growth include Vietnam and the Philippines, which will see the number of adults with at least $250,000 in wealth more than double by 2030.
«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,» said Frederic Neumann, chief Asia economist and co-head of global research Asia at HSBC, in the report. «After all, the region is hardly short of capital, even if this is unevenly distributed, both between and within economies.»
