Only 38k Filipinos will become millionaires by 2015

James Ryan Jonas

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

Source: Julius Baer, Swiss private banking group
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James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.