Asia's millionaire population to grow 140 per cent by 2015

Hong Kong - Asia was home to 1.2 million high net worth individuals worth 1 million US dollars or more in 2010 and their numbers will grow 140 per cent by 2015, a report said Thursday.

The report by brokerage and investment group CLSA Asia-Pacific Markets said wealth in the region is booming and predicts Asia will have 2.8 million US-dollar millionaires by 2015.

The report, which covers China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan and Thailand, said only 0.06 per cent of Asian adults were millionaires in 2010.

But in Singapore and Hong Kong, high net worth individuals - those with investible assets of 1 million US dollars or more excluding first homes - accounted for 1.5 per cent of the adult populations.

China will see the biggest growth in wealth for the region, accounting for 60 per cent of the rise in high net worth individuals' wealth between 2010 and 2015, the report said.

Another factor boosting the wealth of Asians will be a 4-per-cent Asian-currency appreciation against the US dollar, accounting for one-third of the increase in high net worth individuals by 2015.

The report's author Amar Gill said: "The forces for wealth creation are extremely favourable for Asia over the coming years.

"The economies are growing faster than any other region in the world. Savings ratios are high and appreciation is a big driver of wealth.

 "As Asia gets richer, the surge in wealthy Asian spending power will be a multi-decade theme."//DPA