Singapore skyline — Canva/file

Which country will be Asia’s millionaire capital by 2030?

by Pakistan News
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Singapore skyline — Canva/file

Singapore will outshine Australia as the Asian country with the highest proportion of millionaires in the adult population by 2030, according to HSBC Holdings Plc, Bloomberg reported.

The financial centre is expected to top the list in the Asia-Pacific, followed by Australia, Hong Kong, and Taiwan, according to a report released Tuesday by the bank. According to the report, the proportion of millionaires in those four countries will be higher than in the United States by the end of the decade.

Australia ranked highest in the region in 2021, while Singapore was second, according to HSBC, which did not say how the US compared for that year.

According to HSBC, Asia’s financial wealth has surpassed that of the United States since the aftermath of the Global Financial Crisis, and the region also includes some of the world’s fastest-growing economies.

According to the report, the number of adults in Vietnam, the Philippines, and India with at least $250,000 in wealth is expected to more than double by 2030. Nonetheless, the region is home to many millions of impoverished people.

The household wealth projections in the report were based on estimates and projections of adult population, per capita mean wealth, and nominal per capita gross domestic product.

According to HSBC, mainland China is expected to have around 50 million millionaires by 2030, while India could have more than six million. According to the report, this equates to about 4% of adults in mainland China and less than 1% of adults in India.

“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,” Frederic Neumann, chief Asia economist and co-head of global research Asia for HSBC, wrote in the report. “After all, the region is hardly short of capital, even if this is unevenly distributed, both between and within economies.”

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