Malaysia may add five billionaires by 2031
Malaysia could be home to 18 billionaires as well as 1,881 ultra-high-net-worth individuals with assets worth more than $30 million
KUALA LUMPUR, Malaysia (MNTV) – Malaysia may add five more billionaires and more than 300 wealthy individuals in the next five years, reports The Edge Malaysia.
By 2031, Malaysia could be home to 18 billionaires as well as 1,881 ultra-high-net-worth individuals with assets worth more than $30 million, according to The Wealth Report that covers prime property and private wealth by global property consultancy Knight Frank.
The rise in ultra-wealthy individuals in Malaysia is attributed to the country’s strong economic expansion despite global uncertainty and energy price fluctuations, supported by the ringgit’s performance and an active capital market, said Keith Ooi, managing director of Knight Frank in Malaysia.
The projected rise in Malaysia mirrors a dramatic acceleration in wealth creation worldwide despite geopolitical uncertainty, rising interest rates and uneven economic performance.
The report also noted that there were 89 new ultra-high-net-worth individuals added each day between 2021 and 2026 across the world.
“We are witnessing one of the most significant shifts in global wealth distribution in modern history,” said Liam Bailey, global head of research at Knight Frank.
“A cohort of fast maturing economies that are now shaping the global landscape, and despite huge geopolitical shocks and inflationary pressures, private capital has shown extraordinary resilience.”
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