Assets Of HNWI In Asia To Soar To $14.5t By 2020
Updated 2016-10-14 09:53:21
Swiss private banking group Julius Baer expects high-net-worth individuals in Asia to have total assets of .5 trillion by 2020, a surge of 1.6 times from 2011.
The company expects assets of HNWI in China to reach .25 trillion and those in India .3 trillion in the next four years, Julius Baer said, re-affirming previous estimates it made in a 2015 report.
HNWIs are defined by Julius Baer as those with net investable wealth of US million or more, excluding property that is their main residence.
The Julius Baer Lifestyle Index, which measures the cost of luxury living, fell by 1.68 percent, led by a 8.3 percent drop in property prices across Asia, data from June 2015 to June 2016 in 11 Asian cities across 21 product and service categories showed.
“This year’s Lifestyle Index demonstrates that there remains enormous demand for luxury goods and services in Asia, but it equally signals that asset price fluctuations can be a potential drag on spending,” said Boris Collardi, CEO of Julius Baer.
Shanghai remains as the most expensive city in the cost of luxurious living, with Singapore in second, swapping position with Hong Kong, which fell one place to third.