Asian economies 'to top richest list by 2050'

Singapore, Hong Kong, Taiwan and South Korea are projected to be the world's richest economies on a per capita basis by 2050 as the region's rapid growth boosts wealth creation, a study showed.

The survey by property giant Knight Frank and Citi Private Bank, reported in Singapore media Wednesday, also showed multi-millionaires in Asia will continue to outnumber those in North America and Western Europe by 2050.

Singapore topped the list in 2010 and is expected to keep the top spot in 2050, when the city-state's gross domestic product (GDP) per capita would reach $137,710.

It will be trailed by Hong Kong ($116,639), Taiwan ($114,093) and South Korea ($107,752) with the United States coming in fifth place, falling from third place in 2010.

Singapore's 2010 GDP per capita stood at $56,532, while Hong Kong ($45,301) -- the only other Asian economy in the top 10 that year -- was in fourth place.

Taiwan and South Korea were not even in the top 10 in 2010.

"While rapid GDP growth does not in itself guarantee a sharp rise in high networth individuals, rapidly growing economies do provide key opportunities for large-scale wealth creation," Grainne Gilmore, head of UK Residential Research at Knight Frank, wrote in the study.

Gilmore said there are now around 18,000 "centa-millionaires" -- those with $100 million or more in assets -- in the region covering Southeast Asia, China and Japan, more than the 17,000 in North America and 14,000 in Western Europe.

By 2016, Southeast Asia, China and Japan are expected to have 26,000 centa-millionaires, compared with 21,000 in North America and 15,000 in Western Europe, she wrote, citing data from Ledbury Research.

On a country basis, the United States will lead in 2016 with 17,100 centa millionaires but China is expected to double its numbers to 14,000.

"Southeast Asian deca-millionaires -- those with $10 million or more in assets -- already outnumber those in Europe and are expected to overtake those in the US in the coming decade," she said.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Ex-Cavite governor gets PCSO top post
    Ex-Cavite governor gets PCSO top post

    After nearly a year, President Aquino finally made good his promise to a long-time ally – former Cavite governor and congressman Erineo Maliksi – to head the Philippine Charity Sweepstakes Office (PCSO), replacing Margarita Juico who resigned in May 2014. Maliksi must be officially elected by the PCSO board members as their chairman. Prior to his appointment to the PCSO, Maliksi faced graft charges before the Sandiganbayan in connection with the alleged illegal purchase of P2.5 million worth …

  • US, Phl military exercises to focus on sea defense
    US, Phl military exercises to focus on sea defense

    A massive deployment of aircraft, personnel and warships characterizes this year’s Balikatan between the two allies, which war games were launched 30 years ago. Commander Lued Lincuna, Philippine Navy public affairs chief, said the Marine Battalion Landing Team-4 (MBLT-4) will link  up with the US 3rd Marine Expeditionary Force. …

  • P-Noy seeking united Asean stand on China
    P-Noy seeking united Asean stand on China

    With China’s actions threatening to “considerably alter the way of doing business globally,” President Aquino will ask the Association of Southeast Asian Nations (ASEAN) to take a united stand against Beijing’s massive reclamation activities and other provocative acts in the West Philippine Sea and South China Sea. Aquino will raise the appeal to his ASEAN counterparts when they meet on April 27-28 in Kuala Lumpur and Langkawi in Malaysia. Beijing reacted immediately to the plan, saying the …

  • OIC exec backs BBL, says passage to end extremism
    OIC exec backs BBL, says passage to end extremism

    The Organization of Islamic Cooperation (OIC) yesterday backed the proposed Bangsamoro Basic Law (BBL), warning that failure to see the peace process through with the Moro Islamic Liberation Front (MILF) could open the door to extremism. OIC secretary-general Iyad Bin Amin Madani, who is in the country to rally support for the peace process and the BBL, told reporters at the Senate yesterday that the Philippines should not waste the opportunity to attain lasting peace in Mindanao, especially …

  • Senate plan to probe corruption in judiciary opposed
    Senate plan to probe corruption in judiciary opposed

    The head of the Integrated Bar of the Philippines (IBP) is opposing the plan of the Senate to investigate alleged “justice for sale” in the judiciary. In an interview yesterday, IBP national president Vicente Joyas contested the pronouncement of Senate President Franklin Drilon that the Senate Blue Ribbon committee can probe the reported corruption in the judiciary, as it remains part of the scope of the Senate’s investigative power. “The plan of the Senate to push through with the …

  • PNP: Floyd camp charging P.2 M for pay-per-view
    PNP: Floyd camp charging P.2 M for pay-per-view

    The camp of Floyd Mayweather is reportedly charging the Philippine National Police P200,000 for a pay-per-view deal of his fight with Manny Pacquiao, a PNP official said yesterday. Director Danilo Constantino, the PNP’s Chief Directorial Staff, said the cost of the pay-per-view for the fight makes it difficult for the PNP to sponsor the free viewing for its personnel and their dependents at Camp Crame’s multi-purpose center. “We are currently negotiating for the pay-per-view and we ever …

  • No disruption in gun permit issuance – PNP
    No disruption in gun permit issuance – PNP

    There has been no disruption in the issuance of permits to carry firearms outside residence (PTCFOR) since former Philippine National Police (PNP) chief Director General Alan Purisima was suspended in December 2014, an official said yesterday. PNP officer-in-charge Deputy Director General Leonardo Espina is the one signing the PTCFOR cards, PNP spokesman Chief Superintendent Generoso Cerbo Jr. said. Cerbo, however, could not say when Espina started signing the cards and how many PTCFORs have …

  • HK pol calls Pinay maids ‘home wreckers’
    HK pol calls Pinay maids ‘home wreckers’

    A senior Hong Kong politician is under fire after she accused some Filipina domestic helpers of seducing their male employers, in comments branded “racist” and “offensive” by critics. There are 300,000 maids in Hong Kong, mostly from the Philippines and Indonesia, with concern growing among rights groups over their welfare following a string of abuse cases. But lawmaker Regina Ip, a close adviser to the city’s leader Leung Chun-ying and tipped as a future chief executive, cast the maids as …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options