Indonesia ranks second in Southeast Asia in the number of people with US$30 million or more, and the figure is forecast to almost double in five years, a report has shown.
The country now has 3,833 individuals with ultra-high net worth, an increase of 37% from 2021, according to a recent study by London-based property consultancy Knight Frank.
By 2031, the figure is set to rise 82% to 6,966, the fastest expansion rate in the world.
Indonesia is among the “rapidly maturing economies” that are set to lead global ultra-high net worth population growth in the next five years, the report said.
In Southeast Asia, Singapore leads in ultra-high net worth population at 7,171. Thailand ranks third at 2,853, followed by the Philippines (1,910), Malaysia (1,566) and Vietnam (1,233).
The broader Asia-Pacific accounts for almost 31% of the world’s ultra-high net worth population, second only North America with 37%.
Globally, the U.S. and China lead, with more than 251,300 and 121,600 individuals, respectively.
The U.S. also dominates in terms of wealth creation, accounting for about 41% of newly minted ultra-wealthy people over the last five years.
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