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Kuala Lumpur: Malaysia is among the top 10 countries with the fastest-growing population of ultra-rich individuals — which is defined as having a minimum of US$30 million or RM139 million in net wealth — last year, property consultancy Knight Frank’s latest report showed.
It is no secret that South Africa is one of the countries with the biggest wealth gaps in the world. According to a 2021 report by Time magazine, the richest 10% of South Africa’s population owns more than 85% of household wealth, while over half the population have more liabilities than assets.
For India, apart from the rise in interest rates, the appreciation of the US Dollar also impacted the growth of wealth.
Knight Frank’s Wealth Sizing Model has revealed how much money individuals require to be among the top 1% of wealthiest in their countries.
In 2022, the global population of UHNWIs declined 3.8 percent after a record rise of 9.3 percent in 2021 as the wealth and investment portfolios of the ultra-wealthy were impacted by economic slowdowns, frequent rate hikes and rising geopolitical uncertainties.