Asia seems to be catching up with the west in more ways than one. A new survey has revealed that Singapore could soon post the highest per-millionaire wealth with a figure of US$4.5 million by the year 2015. The survey of millionaires, which was conducted by Oxford Economics for Deloitte, also found that investments that are in the hands of the world’s richest families (especially those in the United States) will more than double by 2020 to US$202 trillion. The survey covered millionaires across 25 nations.
The survey also predicted that millionaire homes in the developed world will grow fastest in Australia and Singapore. It also added that in the developed nations, there will be a two-third growth of families with income above $1 million to 55.5 million. But bigger changes are in store for the developing nations. Emerging markets like the BRIC nations are poised to double their count of millionaires to 10 million.
Of course, the majority of millionaires will continue to reside in Europe and the United States, the growth in the emerging markets notwithstanding. But emerging nations are churning out new millionaires at a much faster rate than their developed counterparts.
The Deloitte survey predicts that China will lead the pack of emerging nations, with Brazil and Russia following suit in this millionaire-producing game. The rate of growth seems stupendous when you consider that Deloitte is suggesting that millionaire homes across 10 emerging nations will triple their income from US$7 trillion to US$25 trillion within this year. The study also suggests that the average Indian millionaire will be richer than his counterpart in the US.