Analytics, Estonia, EU – Baltic States, Financial Services, Rating

According to the fresh report of analysis centre Wealth-X and Swiss bank UBS, there are 40 people living in Estonia whose asset net value (assets minus obligations) is at least 30 million dollars.

A year ago, there were also 40 superrich people in Estonia but their asset value totalled 5 billion dollars.

The Wealth-X and UBS World Ultra Wealth report that has just come out says Asia will create more super rich individuals than both the US and Europe over the next five years. In about 15 years, the wealth of the Asian ultra high networth individuals will outstrip the combined riches of the European billionaires and millionaires. And by 2024, Asia will be home to more super rich people than even the US. Little wonder, every luxury marketer is trying to understand the mindset of the Asian super rich.

For all Asian countries, the UHNWI population and their total wealth increased on average by 3.8% and 5.4%, respectively. But the percentage increase in the two categories for Pakistan was remarkably high at 33.9% and 25%, leaving behind all Asian countries, including India (1.6%, 1.1%), China (-5.1%, -4.1%) and Bangladesh (5.9%, 15.4%).

Average wealth of a Pakistani UHNWI in 2013 was $120.5 million. In contrast, the global average wealth of an UHNWI in 2013 was $139.4 million, which is 15.6% higher than the average Pakistani UHNWI.
 
While the United States and Europe grew faster than Asia in the last 12 months, the report forecasts that Asia will have more UHNWIs and wealth than both regions in the next five years.
 
“At the current growth rates, Asia’s UHNWI population and wealth will eclipse that of Europe in 2021 and 2017, respectively,” the report said.
 
While the United States currently leads in terms of UHNWIs, Asia is expected to have a larger population by 2032, and a greater total UHNWI wealth in 2024, the report says.