By 2030, India could house more than six million millionaires, which accounts for 1 per cent of its adult population, whereas China is expected to have around 50 million millionaires by 2030, according to a media report.
According to HSBC Holdings Plc. report in Bloomberg, Singapore will take over Australia and have Asia’s highest share of millionaires in the adult population in eight years. Regarded as the financial hub, Singapore is likely to top the list in the Asia-Pacific region, which will be followed by Australia, Hong Kong and Taiwan, according to the HSBC’s report released on August 16. It also added that the proportion of millionaires in these four countries is likely to be higher than in the US, by the end of the decade.
While Australia ranked highest in 2021, Singapore came in second. However, the report did not mention how the US compared to the previous year. As per the report, Asia’s financial wealth has exceeded that of the US in the aftermath of the global financial crisis, and the region also includes some of the world’s fastest-growing economies.
Even though Asia is still home to many millions of impoverished people, countries like Vietnam, India, and the Philippines are expected to see the number of adults holding a wealth of at least $250,000 more than double by 2030
“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.”
According to HSBC’s report, the household wealth projections, which have been used in the report, used estimates and projections of the adult population, nominal per capita gross domestic product, and per capita mean wealth.