How good are high and ultra-high-net-worth individuals in Asia-Pacific at doing good?

Published on Thursday, 12 December 2019
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How good are high and ultra-high-net-worth individuals in Asia-Pacific at doing good?

5 min read

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?

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