The latest Asia-Pacific Wealth Report released by Capgemini showed the dominance of the Asia-Pacific region as the high net-worth individual (HNI) powerhouse. The region accounted for 41.4 percent of the high net-worth individual wealth on a global scale for the year 2017. There has been a 12.1 percent increase in the HNI population and a 14.8 percent increase in the wealth generated by them.
India has been the fastest in generating wealth with its 22 percent rise for the year 2017 compared to the previous year, the report said. The country now holds the eleventh position in the HNI population ranking.
Emerging markets drove the growth in new wealth for Asia Pacific. Besides India, China, Indonesia and Thailand make up for Asia-Pacific's emerging economies. Indonesia showed a massive increase in its total HNI wealth to $661 billion from $184 billion in 2016. Mature markets like South Korea, Taiwan, Hong Kong, and Singapore also showed double-digit growth, adding 8.82 lakh HNIs collectively.
The Capgemini study further showed that Japanese HNIs have the largest accumulation of wealth in the Asia Pacific region at $7.7 trillion. Between 2010 and 2017, China's HNIs showed over 144 percent growth in wealth while Japan showed a growth of 87 percent in the same period.
South Korea's wealthy grew their fortune by 18 percent, marking the second highest growth in the region, followed by Hong Kong.