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Exploding Personal Wealth in the Asian Tropics
Exploding Personal Wealth in the Asian Tropics taken from our ‘On Target Newsletter’ issue no 265
Southeast Asia’s largest economy, Indonesia, is expected to see 67 per cent growth of its people becoming ultra-high-net-worth over the next five years, according to British property consultancy Knight Frank. That’s those with personal wealth, including the value of primary residence, of more than $30 million.
It’s not just the super-wealthy who are doing well. According to the World Bank Indonesia’s middle-class consumption has grown at an average annual rate of 12 per cent since 2002 and now accounts for almost half all household consumption.
The richer Indonesians get, the more they spend on cars, health, education and other services.
Asia is the region where personal wealth is growing fastest and is already home to more billionaires than any other – 36 per cent of the world’s.
OT 265 27 March 2021
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