Asia-Pacific is experiencing the most rapid growth of wealth in history, due to the economic expansion of China and emerging Asia.Currently in the Asia Pacific, total household wealth grew by 3%, or $3,346 billion, since mid-2017, to $114,561 billion. Furthermore, wealth in the region is expected to grow at 5.9% per year to reach $153 trillion in 2023, with the number of millionaires expected to increase by 7.6% annually to reach 15 million in 2023. The ultra-high net-worth segment in the same period is expected to grow by 8% annually, with contributing 46%.
It will also experience the largest shift of wealth from the current generation to the next in the coming five years. At the same time, the Asia-Pacific is going through the widest inequality gap in history, and an unprecedented level of degradation to the environment.
However, there is a growing awareness and desire among the wealthy to deploy their wealth for the betterment of their community, society, and the world at large, especially with Generation X and millennials.
How are Asian high net worth individuals taking to the concepts of philanthropy and responsible investing?
- Increased interest and support for philanthropy
- A preference for corporate structures
- The creation of the Doing Good Index
Speakers/Panellists: To be confirmed
Foo Boon Ping, Managing Editor, The Asian Banker
Foo Boon Ping manages The Asian Banker publication business and engages practitioners, customers, partners and the media on critical issues that impact the industry. He has more than 19 years of experience in the banking and financial services industry, specializing in strategic branding, marketing communications and consumer insight. Prior to The Asian Banker, he was at United Overseas Bank (UOB), covering Singapore and key markets in the region, such as China, Indonesia, Malaysia and Thailand.
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