…in 36 months.
That’s the projection of Swiss private bank Julius Bauer and represents a 30% increase in the estimated rate predicted in 2010.
This despite the still bleak economic outlook for the rest of us!
Julius Baer points to the following three reasons reason why Asia continues to be resilient:
- strong fiscal fundamentals;
- improved economic policy-making; and
- greater diversification of trade links
Of course although the rate of increase may be a surprise an earlier report by RBC/CapGemini showed that Asia now has the biggest population of High Net Worth Individuals (HNWI) in any region.
What may also be surprising is not that China is expected to be home to 1.46 million HNWI whose stock of wealth could reach $9.3 trillion but – in HNWI population growth terms – Indonesia’s 25 per cent compounded annual growth rate which is forecast to be the highest across Asia.
Little wonder that not only have the world’s biggest private banks being making a surge into the Asian market to service the burgeoning wealth but offshore financial centres too have been repositioning themselves in the marketplace to tap into this somewhat unexpected source of ‘new money’.