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Indonesia edges out ASEAN neighbours as top millionaire hub

Via Property Report : The archipelago is only bested by Singapore in the region, but Vietnam is quickly catching up

More millionaires are now living in Indonesia than in other capital cities in Southeast Asia, except Singapore, according to The Asia Pacific 2016 Wealth Report by consultancy firm New World Wealth.

The new survey, which ranks the growth of high-net-worth individuals (HNWI) and multimillionaires, stated that Indonesia is currently home to about 48,500 millionaires as of the end of 2015.

Since year 2000, the growth of the super-rich population in Indonesia was reported at 525 percent, exceeding the rate in China and India, which placed second and fourth, respectively, last year.

Japan took the top stop in 2015. Its 1.3 millionaires had a combined wealth of USD15.23 trillion.

In Southeast Asia, Indonesia is only surpassed by Asian fifth-placer Singapore, which hosts 224,000 millionaires. With a total population of about 5 million, Singapore has a large concentration of super-rich individuals, as well as a high value of wealth per capita similar to third-placer Australia.

Overall, there are approximately 3.5 million HNWIs in the Asia Pacific region whose cumulative fortune amounts to USD17.7 trillion.

The rest of the top 10 includes Hong Kong, South Korea, Taiwan and New Zealand.

Surprisingly, Mongolia posted the best growth in the last 15 years, with 670 percent increase in HNWI population, in league with Vietnam, Indonesia, China and India.

New World Wealth predicts Vietnam will post a huge HNWI population growth in the next decade and is the next Asian country to watch out for, along with Sri Lanka.

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