PETALING JAYA: The number of Malaysians who are categoried as "ultra wealthy" is rising, according to The Wealth Report.
In its report, Malaysia was ranked as one of the top 10 fastest growing ultra-high-net-worth (UHNW) markets, together with Singapore and Indonesia.
UHNW individuals (UHNWIs) are people with a high amount of wealth, at least US$30mil (RM138mil) worth in investable assets.
In the Asia Pacific (Apac) region, which encompasses both South-East Asia and East Asia, the UHNW population experienced substantial growth of nearly 51% from 2018 to 2022.
Although growth is forecast to slow to 40% over the next five years (2022-2027), the Apac region still leads the world in wealth creation.
The Wealth Report is published by real estate agency Knight Frank Property Hub.
Knight Frank Property Hub associate director Dominic Heaton-Watson said Malaysia was a standout performer with significant growth in the five years leading to 2022.
"There may still be a great deal of uncertainty on the horizon, but Malaysian UHNWI are set to capitalise on a diverse range of sectors including medical, logistics, tech, hospitality, finance, and real estate," he said in a statement.
Knight Frank Asia-Pacific Head of Research Christine Li said Singapore, Indonesia, and Malaysia were three of 10 markets that saw the fastest-growing UHNWIs globally despite facing a 5.7% population decrease in 2022.
The top 10 countries for UHNWIs' growth from 2021 to 2022 are UAE (18.1%), Tanzania (13.9%), Brazil (11.2%), Nigeria (10.7%), Saudi Arabia (10.4%), Malaysia (9.4%), Indonesia (9.0%), Singapore (6.9%), Turkey (6.2%), Canada (6%).