Rising Wealth
Malaysia is experiencing a significant boom in wealth, with a rapidly growing population of ultra-high-net-worth (UHNW) individuals, those with at least US$30 million in investable assets. According to a report by property consultancy Knight Frank, Malaysia’s ultra-rich population grew by 9.4% in 2022, placing the country sixth in the global ranking for the fastest-growing UHNW population.
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Regional Comparison
In the Asia Pacific region, the UHNW population saw a notable increase of almost 51% from 2018 to 2022. Despite a forecasted slowdown to 40% over the next five years, the region remains a global leader in wealth creation2. However, not all Asian countries share this trend. Countries like the Philippines, Thailand, Vietnam, China, Japan, Taiwan, South Korea, and Hong Kong saw a decrease in their ultra-rich populations in 2021-2022.
Malaysia’s Standing
Interestingly, Malaysia continued to witness a surge in its ultra-rich population despite facing a population decrease of 5.7% in 2022. Along with Singapore and Indonesia, Malaysia was among the ten markets with the fastest-growing UHNWIs globally. The top 10 included UAE, Tanzania, Brazil, Nigeria, Saudi Arabia, Malaysia, Indonesia, Singapore, Turkey, and Canada.
Wealthy Sectors
As this wealth boom unfolds, Malaysian UHNW individuals are predicted to capitalise on various sectors. Medical, logistics, tech, hospitality, finance, and real estate are key industries where wealth accumulation is expected to occur.
Top of the Pile
Maintaining his position at the top, Robert Kuok is Malaysia’s richest man in 2023, boasting a net worth of $13.6 billion.
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