firms could find themselves economically vulnerability after gorging on cheap
loans abroad. — AFP picKUALA LUMPUR, Dec 9 — Malaysia’s largest city Kuala
Lumpur has the highest number of millionaires (denominated in US dollars)
surpassing all other cities of the world, according to a report by
international wealth research group WealthInsight.
The city had 13,8000 millionaires or high
net worth individuals (HNWIs) in 2013, higher than Abu Dhabi’s 12,500, Cape
Town’s 8,753 or Birmingham’s 8,736, WealthInsight said.
net worth individuals (HNWIs) in 2013, higher than Abu Dhabi’s 12,500, Cape
Town’s 8,753 or Birmingham’s 8,736, WealthInsight said.
The number of millionaires
concentrated inKuala Lumpur gives an indicator of
Malaysia
fast-growing wealth at the top end but also suggests an increasing gap between
the richest and the rest of the population.
concentrated in
fast-growing wealth at the top end but also suggests an increasing gap between
the richest and the rest of the population.
Average annual income in the country
stands around RM20,000 and minimum wage weighs in at RM900 a month.
stands around RM20,000 and minimum wage weighs in at RM900 a month.
WealthInsight predicted that Malaysia’s
number of millionaires will jump from over 26,000 last year to 30,054 in just
four years, with total Malaysian wealth also projected to increase from US$151
billion (RM527 billion) to US$206 billion (RM719 billion) in the same period.
number of millionaires will jump from over 26,000 last year to 30,054 in just
four years, with total Malaysian wealth also projected to increase from US$151
billion (RM527 billion) to US$206 billion (RM719 billion) in the same period.
“Malaysian wealth grew at the remarkable
rate of 59.6 per cent between 2009 and 2013 and is expected to increase by a
further 28% to reach US$206 billion in 2018,” said the group which claims to
have a detailed database on the rich and an international-based team of over
500 economists, analysts and researchers.
rate of 59.6 per cent between 2009 and 2013 and is expected to increase by a
further 28% to reach US$206 billion in 2018,” said the group which claims to
have a detailed database on the rich and an international-based team of over
500 economists, analysts and researchers.
WealthInsight analyst Tom Carlisle cited
the well-performing Malaysian economy during the financial crisis as the reason
for the 45.5 per cent hike in new millionaires minted during the 2009 to 2013
period to the total pool of 26,105.
the well-performing Malaysian economy during the financial crisis as the reason
for the 45.5 per cent hike in new millionaires minted during the 2009 to 2013
period to the total pool of 26,105.
“Since becoming an Islamic banking hub, Malaysia
seen a large surge in investment to its shores, increasing by 52.6 per cent
since 2008 to US$11.6 billion. Malaysia has also seen a large increase in HNWIs
acquiring their wealth in finance as well as in real estate and construction,
increasing by 64.8 per cent, 57.2 per cent and 55.1 per cent respectively”,
says Carlisle.
seen a large surge in investment to its shores, increasing by 52.6 per cent
since 2008 to US$11.6 billion. Malaysia has also seen a large increase in HNWIs
acquiring their wealth in finance as well as in real estate and construction,
increasing by 64.8 per cent, 57.2 per cent and 55.1 per cent respectively”,
says Carlisle.
“Malaysian HNWIs are currently investing
54% of their overseas portfolio in the Asia-Pacific,”Carlisle
said, adding that the Malaysian millionaires’ wealth had grew through
investment in real estate which would be influenced by the high economic growth
expected over the next five years.
54% of their overseas portfolio in the Asia-Pacific,”
said, adding that the Malaysian millionaires’ wealth had grew through
investment in real estate which would be influenced by the high economic growth
expected over the next five years.
Malaysia is also predicted to have more
billionaires (20) in 2018 compared against oil-rich United Arab Emirates (19),
WealthInsight said in its report titled “Millionaires in Malaysia: 26,000 and
Counting”.
billionaires (20) in 2018 compared against oil-rich United Arab Emirates (19),
WealthInsight said in its report titled “Millionaires in Malaysia: 26,000 and
Counting”.
The leading source on the rich and
ultra-rich pointed out that Malaysia’s overall wealth was similar to countries
with larger populations, including Argentina’s US$160 billion, Colombia’s
US$154 billion and Indonesia’s US$206 billion.
ultra-rich pointed out that Malaysia’s overall wealth was similar to countries
with larger populations, including Argentina’s US$160 billion, Colombia’s
US$154 billion and Indonesia’s US$206 billion.
“With a population of only 28.3 million, Malaysia has a similar number of millionaires
than much more densely populated countries such asIndonesia
at 237.6 million.
than much more densely populated countries such as
at 237.6 million.
“This demonstrates the big potential for
billionaire growth inMalaysia ,”
Carlisle said.
billionaire growth in
Currently, Malaysia ’s
billionaires have 209 per cent more wealth thanParaguay
with the growth of Malaysian billionaires last year standing at US$46 billion,
WealthInsight said.
- See more at:billionaires have 209 per cent more wealth than
with the growth of Malaysian billionaires last year standing at US$46 billion,
WealthInsight said.
http://www.themalaymailonline.com/malaysia/article/kuala-lumpur-tops-global-rich-list-with-13800
No comments:
Post a Comment