Heat map: 5 main cities in Southeast Asia where most numbers of ultra rich reside

Singapore isn't the powerhouse of the ultra rich.

According to Wealth-X's  WORLD ULTRA WEALTH REPORT 2012 - 2013, While Singapore has emerged as a global wealth management hub, it is  Indonesia that has topped the subregion as the powerhouse of Ultra High Net Worth individuals's wealth and population growth. 

Indonesia's total wealth change in 2012 jumped more than 40% while Singapore's dropped by 8.8%.

Wealth-X says:

South East Asia has displayed financial resilience amidst the ongoing global crisis,  that is a legacy of the 1997 Asian financial  crisis. The sub-region’s economies expanded 4.3% in Q1 2012, according to the Asian Development Bank. Growth  largely came from the strong rebound in Thailand after the flood-related disruptions of 2011 and robust growth in the Philippines.

Large-scale investments  in infrastructure and burgeoning private  consumption, driven by a growing middle class and social reforms, are key drivers of  growth in the sub-region. Strong domestic demand has helped offset weaker export figures as consumer confidence increased across
the region, particularly in Thailand  and Indonesia.

Luxury consumption  across the sub-region has remained stable despite the global uncertainty and natural disasters, a reflection of the strength of the economies that form the regional subset. South East Asian equity markets continue to see IPO  activity, despite a slowdown in equity  markets elsewhere, with Indonesia as a star performer.


 



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