In the latest «UBS Global Wealth Report 2024», the number of millionaires in mainland China was projected to grow the slowest in Asia. This was partly attributable to outflows to other markets like Taiwan and Singapore, according to the bank’s chief economist Paul Donovan.
In the «UBS Global Wealth Report 2024», the number of US dollar millionaires in mainland China is forecasted to increase 8 percent to 6.5 million from 2023 to 2028 – the fourth weakest growth worldwide and the weakest in Asia. According to UBS Global Wealth Management chief economist Paul Donovan, this is partly attributable to the movement of mobile millionaires to other Asian economies.
«Over the last few years […] there have been some wealth outflows from China,» Donovan commented during a media briefing attended by finews.asia.
Preferred Destinations
As a result, Taiwan and Singapore have been selected as preferred destinations. In fact, the former economy is projected to see the fastest increase in millionaires globally, growing 47 percent from 2023 to 2028 to reach nearly 1.16 million high net worth individuals (HNWI), with tailwinds also from a boom in its microchip industry.
«We’re all very familiar with stories about the number of family offices set up in Singapore, for example. Taiwan has also been a beneficiary of this [outflow],» Donovan said. «Taiwan and Singapore have been beneficiaries, not only of having natural, indigenous wealth growth […] but also in attracting some international capital as well.»
Asian Growth
Overall, Asia is expected to see strong wealth growth from 2023 to 2028 with the region occupying five of the top 10 positions.
In addition, to Taiwan, other leaders include Indonesia (32 percent to 235,136 HNWIs), Japan (28 percent to 3.6 million), South Korea (27 percent to 1.6 million) and Thailand (24 percent to 123,531).
