Global Wealth Slows, Inequality Widens, Asia Breaks Away
According to the latest Global Wealth Report of global financial services firm Allianz, Asia is set to mint new millionaires faster than any other, reshaping the global balance of financial power.
While global wealth growth moderated in 2024 after a strong rebound from pandemic lows, Asia–Pacific emerged as the standout region, outpacing both North America and Europe.
The latest Global Wealth Report of Allianz notes that «Asia remains the world’s most dynamic wealth engine,» thanks to rapid GDP growth, surging asset markets, and expanding middle classes.
Projected Growth of Millionaires in Asia
Projected growth from 2024 to 2023 (Click to enlarge; Source: Allianz Global Wealth Report)
Asia is on track to add more than 50 million new millionaires by 2030, a figure that dwarfs growth in other regions. China and India dominate the numbers, but Southeast Asia – from Vietnam to Indonesia – is increasingly important.
«We are witnessing the fastest creation of high-net-worth individuals in history, and Asia is at the center of it,» the report stresses.
Ultra-Wealth Shift
Not just millionaires: Asia is also producing ultra-high-net-worth individuals (UHNWIs) at record speed. By 2030, one in four of the world’s UHNWIs will be based in Asia.
Hong Kong and Singapore continue to cement their status as private banking hubs, while Tokyo and Shanghai expand their influence. «Wealth management in Asia is no longer an add-on – it is the frontline of global finance.»
Inequality Widens
The report also warns that Asia’s wealth surge comes with rising inequality. While the millionaire class is booming, much of the population remains excluded.
In countries like India and Indonesia, the gap between urban elites and rural populations is widening. «Without inclusive policies, Asia risks a two-speed economy,» the authors caution.
What It Means for Global Finance
For global banks and asset managers, the message is clear: Asia is the battleground for the next decade of wealth management. UBS, HSBC, and local champions like DBS and ICBC are aggressively scaling their private-banking arms in the region.
«Firms that fail to win in Asia will lose relevance globally,» the report concludes.
