Bangladesh 3rd fastest growing country with rich population

Staff Correspondent

20 January, 2019 12:00 AM printer

Bangladesh 3rd fastest growing country with rich population

Bangladesh has been ranked the world’s third fastest growing country in terms of increasing number of rich people, according to a report.

The report Titled ‘High Net Worth Handbook 2019’ was published by New York-based research firm Wealth-X on Wednesday. The report suggests that Bangladesh’s compound annual growth rate (CAGR) will soar by 11.4 per cent during period from 2018 to 2023.

Four other countries posted double digit growth in terms of their rich population, according to the report.

Nigeria leads with 16.3 percent in the chart followed by Egypt with 12.5 percent, Bangladesh with 11.4 percent, Vietnam with 10.1 percent, Poland with 10.0 percent, China with 9.8 percent, Kenya with 9.8 percent, India with 9.7 percent, the Philippines with 9.4 percent and Ukraine with 9.2 percent.

According to the report, growth of High Net Worth (HNW) population will rise in the next five years.

HNW people are those who have a net worth of $1 million to $30 million. The individuals having worth exceeding $30 million are Ultra-High Net Worth (UHNW).

Wealth-X in its previous report published in September last year put Bangladesh on top of the list of the countries seeing the quickest growth in the number of Ultra-High Net Worth population with a 17.3 percent growth during the 2012-17 period.

The report says the world’s High Net Worth population rose by 1.9 percent to 22.4 million people in 2018. Their combined wealth also grew by 1.8 percent to $61.3 trillion.

In view of concentration of UHNW population, the top 10 countries are: US with 8.68m, China 1.88m, Japan 1.62m, Germany 1.02m, UK 893,905, France 877,380, Canada 505,010, South Korea 476,705, Australia 473,600 and Italy 418,090.

The 10 countries with the largest High Net Worth (HNW) population grew in total by over 387,000 HNW individuals (up 2.4 percent) compared with 2017, with combined net worth in these countries rising by an annual $1.0tn (up 2.4 percent), the report said.

New York is the home to the most HNW individuals. The Big Apple saw its HNW population shrink by 0.6% in 2018. With just below a million HNW individuals, the city still retains the highest HNW population which is 65% larger than the second city in top 10, Tokyo.  Six of the top 10 cities belong to the US.”

The HNW population exhibits a more equitable gender split than the ultra wealthy population but remains heavily male dominated. A larger proportion of the HNW population is purely self-made in comparison to their ultra-wealthy counterparts.

Asia is forecast to experience the strongest growth in the number of HNW individuals and combined wealth, with the region’s HNW population projected to increase at a compound annual growth rate of 7.6% over the next five years.