Asia has more super-rich people than Europe

Asia still has more super-rich people than Europe, just behind North America, although the number fell the most among the continents last year.

According to the World Ultra Wealth 2023 report of data company Altrata (UK), the number of super-rich people in Asia last year was 108,370, down nearly 11% compared to 2021, also the highest decrease among the continents. Total assets of this group decreased by 10.6%, almost erasing all of the previous year's growth. The report defines the super-rich as individuals with net assets of at least $30 million, meaning assets minus all debt.

Regarding the cause, the strict Covid blockade in China and the Ukraine conflict have affected exports and consumption, disrupted regional supply chains, and weakened stock markets, especially in heavy technology like Korea and Taiwan.

The asset value of Asia's rich is also under pressure from a stronger USD, central banks tightening monetary policy and macroeconomic management policies in countries. For example, the Bank of Japan maintains a very flexible stance, putting great pressure on the yen. Tight controls in the real estate and technology sectors continue to affect asset values ​​in China.

However, the number of super-rich people in Asia is still higher than Europe, where there are 100,850 people, down more than 7% compared to 2021. According to the report, the number of super-rich people in Asia has surpassed the number in Europe for the first time. first in 2019. By 2022, super-rich Asians hold 12,130 billion USD in total assets compared to 11,730 billion USD in Europe.

Last year, Europe's post-epidemic recovery lost momentum due to the outbreak of the Ukraine conflict. Stock market losses were not severe, with the MSCI European index ending the year down 9%. But the direct impact is significant, as Russia cuts off the energy supplies that Europe depends on.

The move raises issues about inflation, supply chains, business sentiment and recession risks. In addition, the old continent's rich assets are also under pressure from tightening monetary conditions, a slowing real estate market and the euro depreciating against the USD.

Analysts predict the proportion of Asia's super-rich in the global total will continue to rise in the coming years and could reach 29% by 2027, from 15% in 2004. In contrast, the proportion coming from Europe will decrease from 41.4% in 2004 to 25% in 2027.

While the super-rich population is expected to increase in all regions of the world, Asia is forecast to see the strongest growth in the next five years. This is partly thanks to India's expanding economy, as well as a growing trend among businesses to diversify their supply chains away from China to other Asian markets.

Last year, North America was the leading region with 142,990 super-rich individuals, a decrease of 4%. This place is expected to continue to account for about 35% of total global super-rich assets by 2027 while Europe is forecast to lag behind these two regions, although total accumulated wealth is still increasing. According to the report, the global super-rich population will reach a total of 528,100 people by 2027, up from 133,000 in 2022.

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