According to the latest report by property consultancy Knight Frank, the number of Malaysians with at least USD 1 million in wealth is set to nearly double from over 85,000 in 2022 to 164,0839 in 2027. The report also forecasts that Malaysia’s ultra rich, defined as persons having more than USD 30 million in net wealth, will increase from 721 individuals to 1,044 individuals within the same period. This puts Malaysia among the top 10 countries with the fastest pace of growth in that category over the period.
Malaysia’s ultra wealthy persons are predicted to capitalize on a wide range of sectors including medical, logistics, tech, hospitality, finance and real estate. Importantly, investment in local and international residential properties remains a key component of wealth creation and income generation in Malaysia.
It is also interesting to highlight that while from 2021 to 2022 the number of ultra wealthy people fell both globally and in Asia, Malaysia, Indonesia, and Singapore ranked among the top 10 countries globally with the fastest growth rate of ultra wealthy persons. Meanwhile, the top three countries for growth in the number of people owning more than USD 1 million from 2021 to 2022 were Malaysia, Brazil and Indonesia.
(Source: Malay Mail)