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RSS FeedsOnly 38k Filipinos will become millionaires by 2015
September 6, 2011
Only 38,000 Filipinos or roughly 0.04% of the Philippine population will become millionaires (in US$) by the year 2015. This is according to a report published by Julius Baer, a Swiss private banking group.
The report determined which countries in Asia will produce the most number of high networth individuals, or people with net worth of at least US$1 million (PHP42.5 million).
The Philippines is actually the last in the list of countries surveyed, producing only 38,000 US$ millionaires by 2015. In contrast, China will have 1.378 million high net worth individuals or around 0.10% of the expected Chinese population in 2015.
Filipino millionaires will have a combined net worth of $164 billion, while China’s rich will own a combined $8.7 trillion.
Singapore is the country in Asia that will produce the most number of high net worth individuals as a percentage of the population. The report estimates Singapore to have 129,000 millionaires — or 2.68% of the population — with a combined net worth of $616 billion.
The table below summarizes the estimated number of high net worth individuals and combined wealth for each country by 2015, based on the survey.
Graph and Table: High Net Worth Individuals in Asia by 2015
| Rank | Country | Number of US$ millionaires | Combined Wealth (in US$ billions) | 2015 Est. Population (in millions) | % of Population |
|---|---|---|---|---|---|
| 1 | China | 1,378,000 | 8,764 | 1,392.98 | 0.10% |
| 2 | India | 403,000 | 2,465 | 1,260.37 | 0.03% |
| 3 | South Korea | 310,000 | 1,074 | 49.09 | 0.63% |
| 4 | Hong Kong | 131,000 | 711 | 7.76 | 1.69% |
| 5 | Singapore | 129,000 | 616 | 4.82 | 2.68% |
| 6 | Thailand | 128,000 | 609 | 69.06 | 0.19% |
| 7 | Indonesia | 99,000 | 487 | 246.81 | 0.04% |
| 8 | Malaysia | 68,000 | 329 | 29.56 | 0.23% |
| 9 | Philippines | 38,000 | 164 | 96.84 | 0.04% |
Source: Julius Baer, Swiss private banking group
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