A Knight Frank wealth report released on Wednesday found that Asia is set to house more than a third of the world's billionaire population by 2023, with India forecast to have the biggest growth in billionaires.
Asia is already the world's top region for billionaires. It's set to extend that lead even more in coming years.
The report outlined how wealth growth will play out globally over the next five years amid such headwinds as the U.S.-China trade war and Brexit. Countries in the region will see the biggest growth in"ultra-high-net-worth individuals" — those valued at more than $30 million. India takes the lead with a projected 39 percent growth, followed by the Philippines and China. Romania and Ukraine were the only two non-Asian countries to rank in Knight Frank's top 10 for the growth of their wealthy populations.
While a host of factors is spurring the growth of high-net-worth populations around the world, real estate is playing a large factor in Asia, according to Oliver Williams, head of GlobalData WealthInsight, a wealth research firm that provided data for the Knight Frank report.
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