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Bangladesh creating ultra-wealthy population
Bangladesh is creating fastest-growing ultra wealthy population over the past five years accumulating more wealth at a faster pace than China and USA, says a new report from data firm Wealth-X.
The UK-based data firm recently published the 'Ultra Wealthy Analysis: The World Ultra Wealth Report 2018' that says other Asian countries is also creating more ultra wealthy individuals - having wealth worth $30 million or more, reports CNBC.
In the past decade, Asia's proportion of global wealthy rose from 18 per cent to 27 per cent, positioning it just behind the world's second wealthiest region, Europe (28 per cent), it said.
The report says Asia is quickly closing in. In the coming years, that gap is set to shrink further.
The report predicts that Asia-Pacific's ultra wealthy population will increase at a compound rate of 8.3 per cent over the next five years.
Overall wealth is also on track to grow by a slightly faster 8.6 per cent, it said.
The vast majority of that wealth accumulation came from mainland China, which is home to 26 of the world's 30 fastest-growing ultra high net worth cities, as well as India and Hong Kong, the report found.
All three places registered an increase in wealth of 30 per cent in 2017.
But a significant proportion also came from elsewhere, in countries such as Vietnam, Indonesia and Bangladesh. Indeed, over the past five years, Bangladesh has registered the fastest-growing ultra wealthy population of any country in the world.
Last year, Asia's ultra wealthy population grew by 18.5 per cent and their total wealth shot up by 26.7 per cent, twice the rate seen in the US, the report found.
The combined riches of Asia's ultra wealthy now total a staggering $8.365 trillion, based on analysis of Wealth-X's database of wealthy individuals.
The US remains the world's leading location for the rich, staking claim to 35 per cent of the world's ultra wealthy population, whose combined wealth totals $10.998 trillion.
Vincent White, managing director of the Wealth-X Institute, said Asia recorded the highest growth in ultra high net worth population accompanied by a disproportionate rise in combined wealth of over one quarter.
"In the forecast through to 2022 we expect to see a continuation of this growth, closing the gap with the Americas and EMEA," White said.
Where is the wealth coming from?
Improved economics and soaring stock markets last year proved an advantage for the wealthy throughout the world, with the overall pace of wealth growth more than tripling from 3.5 per cent in 2016 to 12.9 per cent in 2017.
However, Asia's dramatic uptick was led by a new wave of ultra wealthy entrepreneurs, who are capitalising on growing opportunities within the region, particularly in the financial, manufacturing and tech industries.