According to a study by HSBC Holdings Plc, by 2030, India could house more than six million millionaires, which accounts for one per cent of its adult population, whereas China is expected to have around 50 million millionaires by 2030.
The report also highlighted that Singapore will take over Australia and have Asia's highest share of millionaires in the adult population in eight years. Singapore is likely to top the list in the Asia-Pacific region, which will be followed by Australia, Hong Kong and Taiwan, it also added that the proportion of millionaires in these four countries is likely to be higher than in the US, by the end of the decade.
Even though Asia is still home to many millions of impoverished people, countries like Vietnam, India, and the Philippines are expected to see the number of adults holding a wealth of at least $250,000 more than double by 2030. In the recently published report, Frederic Neumann, chief Asia economist and co-head of global research Asia for HSBC wrote, "An account of Asia’s growing wealth also shines a light on the societal resources that are ultimately available to lift millions more out of poverty." He added, "After all, the region is hardly short of capital, even if this is unevenly distributed, both between and within economies."