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