Canada is among the top 10 wealthiest countries but Asia has the fastest-growing countries
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The world is set to get wealthier with a 43% growth in global wealth over the next 10 years.
A new report from AfrAsia Bank and market research firm New World Wealth shows that the total private wealth held worldwide as at December 2018 stands to approximately USD 204 trillion.
The US tops the league table of wealthiest countries ($60 trillion) followed by China, Japan, UK, Germany, India and Australia. Canada is eighth with $6 trillion, beating France and Italy.
The 2019 Global Wealth Migration Review tracks the dynamics of wealth and wealth migration worldwide.
Canada ranks among the top 3 counties for wealth migration, adding 4,000 high-net-worth-individuals in 2018. This is based on those with wealth of at least $1 million excluding their primary residence.
The US and Australia top the list for wealth migration, adding 12,000 and 10,000 HNWIs respectively.
Global wealth is expected to rise by 43% over the next decade reaching USD 291 trillion by 2028. This will be driven mostly by the strong growth in Asia influenced by countries such as Vietnam, India and China. China is expected to see a 130% rise in wealth over the next 10 years.
Time to invest in Mauritius?
There is also a notable gain for Mauritius which is expected to see wealth grow by 124% over the next 10 years. This will be driven by security and safety, strong ownership rights, strong economic growth, a well-developed banking system, ease of investment and low tax rates.
“The report findings confirm that Mauritius, as a leading international financial centre is and will remain an important recipient of wealth both for
management and investment in Africa and Asia,” Sanjiv Bhasin, CEO of AfrAsia Bank said.
Canada, the US, and European nations do not make the top 20 for expected growth in percentage terms.
Australia and New Zealand are in the top 20 though with expected growth of 48% and 52% respectively. This is particularly impressive for Australia given it already has a large share of high-net-worth-individuals, especially for a country with a population of just 25 million.
For the second consecutive year, we have launched the AfrAsia Bank Global Wealth Migration Review, By 2028, global wealth is expected to rise by 43%. Find out in our full report, which countries are going to drive this wealth growth. pic.twitter.com/tLLFj719JK
— AfrAsia Bank Limited (@AfrAsiaBank) May 2, 2019
