Singapore will overtake Australia to have the percentage of millionaires in Asia’s adult population by 2030, according to a report by HSBC Holdings Plc.
The financial center is expected to top the list in Asia-Pacific, followed by Australia, Hong Kong and Taiwan, the bank wrote in a report on Tuesday. The proportion of millionaires in those four countries is also expected to be higher than in the United States through the end of the decade, according to the report.
Australia ranked first in the region in 2021, while Singapore ranks second, according to HSBC, which did not specify how the United States compared that year.
Asia’s monetary wealth has surpassed that of the United States since the aftermath of the global currency crisis, HSBC said, and the region also includes some of the world’s fastest-growing economies. with a wealth of at least $250,000 more than doubles through 2030, according to the report. However, the region is also home to several million deficient people.
The household wealth projections in the report used estimates and projections of population, average wealth consistent with the capita and nominal gross domestic product consistent with the capita, HSBC said.
In absolute terms, mainland China is expected to have around 50 millionaires by 2030 and India could host more than six million, HSBC said. This equates to about 4% of adults in mainland China and less than 1% of adults in India. , according to the report.
“An account of Asia’s developing wealth also sheds light on the social resources that will ultimately be available to lift millions more out of poverty,” wrote Frederic Neumann, lead economist for Asia and co-director of global Asia studies for HSBC. in the report. ” After all, the region is not short of capital, even if it is unevenly distributed, either between and within economies. “
This story published from a news source without any modification of the text.
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