Fastest growth of ultra-rich in BD
Sets world record posting 17.3pc growth of the superwealthy in six years
Published : Wednesday, 12 September, 2018 at 12:00 AM Count : 157
Bangladesh is creating fastest-growing ultra wealthy population over the past five years accumulating more wealth at a faster pace than China and USA, according to the latest World Ultra Wealth Report 2018 published by WEALTH-X.
The World Ultra Wealth Report 2018' by data firm Wealth-X, Asia's ultra wealthy population grew by 18.5 per cent last year and their total wealth shot up by 26.7 per cent, twice the rate seen in the US.
The report found that the combined riches of Asia's ultra wealthy now total a staggering $8.365 trillion, based on analysis
of Wealth-X's database of wealthy individuals.
The report says, the ultra-high net worth (UHNW) population in Bangladesh posted a 17.3 per cent growth over the last six years (2012-17) surpassing all other countries of the world.
The UK-based data firm recently published the 'Ultra Wealthy Analysis: The World Ultra Wealth Report 2018' that says other Asian countries is also creating more ultra wealthy individuals - having wealth worth $30 million or more.
Currently, Asia's middle class totals around 525 million people, or 28 percent of the world's middle class population, according to DBS bank's "Imagining Asia 2020" report.
Over the next decade that group is forecast to expand by more than three times to 1.74 billion. "That would make up about half of the world's middle class population by 2020," the report notes.
In the past decade, Asia's proportion of global wealthy rose from 18 per cent to 27 per cent, positioning it just behind the world's second wealthiest region, Europe (28 per cent), it said.
The report says Asia is quickly closing in. In the coming years, that gap is set to shrink further. All three places registered an increase in wealth of 30 per cent in 2017. But a significant proportion also came from elsewhere, in countries such as Vietnam, Indonesia and Bangladesh. Indeed, over the past five years, Bangladesh has registered the fastest-growing ultra wealthy population of any country in the world.
Last year, Asia's ultra wealthy population grew by 18.5 per cent and their total wealth shot up by 26.7 per cent, twice the rate seen in the US, the report found. Among the top 10 fastest-growing UHNW countries within the years of 2012-2017, China grabs the second position with 13.4 per cent in the race of the rich followed by Vietnam 12.7 per cent, Kenya 11.7 per cent, India 10.7 per cent, Hong Kong 9.3 per cent, Ireland 9.1 per cent, Israel 8.6 per cent, Pakistan 8.4 per cent and United States 8.1 per cent. The report says number of rich (UHNW) rose by 12.9 per cent globally to 255,810 people, a sharp acceleration from a year earlier.
Their combined wealth surged by 16.3 per cent to $31.5 trillion, implying healthy gains in average net worth.
In terms of richest concentration of rich people, the top 10 countries are: United States (79,595 UHNW population), Japan (17,915), China (16,875), Germany (15,080), Canada (10,840), France (10,120), Hong Kong (10,010), United Kingdom (9,370), Switzerland (6,400) and Italy (5,960). The report states, looking at a broader range of nations, China - perhaps surprisingly - is not the global leader. That status lies with Bangladesh, which has registered compound annual growth in its UHNW population of 17.3 per cent since 2012.
Double-digit increases have also been posted by Vietnam, Kenya and India, illustrating the significant opportunities for wealth creation across the emerging world. Wealth creation in 2017 was most prevalent in Asia, with its ultra wealthy population expanding by 18.5 per cent and its collective net worth surging by almost 27 per cent. The region's share of the global ultra wealthy population rose to 26.5 per cent, up from around 18per cent a decade ago, driven by developments in the large and vibrant economies of China, Hong Kong and India, which each registered an increase in wealth of more than 30 per cent, according to the report.