Malaysia To See 64 Pct Growth In UNHWI Population - Knight Frank

KUALA LUMPUR, March 15 (Bernama) -- Malaysia is expected to see a 64 per cent growth in the population of Ultra-High-Net-Worth-Individuals (UHNWIs) over the next decade, according to Knight Frank. The independent global property consultancy firm has forecast the increase of the UHNWIs to 1,629 in 2025 from 993 in 2015 with Malaysia's advantage as a resource-rich country. However, the number of UHNWIs in 2015 was a sharp decrease of 15 per cent from 2014 at 1,168 to 993. "It is not purely due to the 22 per cent fall of the stock market in US dollar terms, but also the weakening ringgit and low crude oil prices," said Knight Frank's Asia Pacific Head of Research, Nicholas Halt. He was speaking at the launch of the 10th edition of Knight Frank's, The Wealth Report 2016, here Tuesday. Based on the attitude survey in the report, global economic challenges and succession or inheritance issues are the top potential threats of wealth creation and preservation in Malaysia. Meanwhile, Asia topped the absolute increase in the UNHWI population, both in the last 10 years and the upcoming decade. Asia recorded 17,531 UHNWIs in 2005 and this number increased to 41,072 in 2015. The figure will further increase to 67,999 in 2025. UHNWI refers to a person with investable assets of at least US$30 million, excluding personal assets and property such as one's primary residence, collectibles and consumer durables. --BERNAMA