The glitz and glamour of summer box-office hit “Crazy Rich Asians” sought to shine a light on an exclusive subgroup of the wealthy elite. But, instead, it pointed to a fast-expanding proportion of Asian society.
That’s according to a new report from data firm Wealth-X, which found that Asia is now creating more ultra wealthy individuals — those worth $30 million or more — and accumulating wealth at a faster pace than any other region in the world.
Last year, Asia’s ultra wealthy population grew by 18.5 percent and their total wealth shot up by 26.7 percent, twice the rate seen in the U.S., the World Ultra Wealth Report 2018 found. The combined riches of Asia’s ultra wealthy now total a staggering $8.365 trillion, based on analysis of Wealth-X’s database of wealthy individuals.
To be sure, the U.S. remains the world’s leading location for the uber rich, staking claim to 35 percent of the world’s ultra wealthy population, whose combined wealth totals $10,998 billion. However, Asia is quickly closing in. In the past decade, Asia’s proportion of global wealthy rose from 18 percent to 27 percent, positioning it just behind the world’s second wealthiest region, Europe (28 percent).