The number of HNW individuals in Asia-Pacific reached 5.09 million in 2022
The indicator recorded a historical growth (CAGR) of 7.31% between 2019 and 2022, and is expected to grow by ...
GlobalData projects the indicator to grow ...
Number of HNW individuals in Asia-Pacific recorded a mid-single-digit YoY growth in 2022
Number of HNW individuals in Europe recorded continuous growth between 2017 and 2022.
A key focus for most wealth providers, HNW entrepreneurs constitute the second-largest target segment (after professionals), followed by females and expats, who represent an almost equally large target market. Inheritors are the smallest segment; however, providers reaching out to female inheritors should not encounter any trouble growing their business given that this segment is often overlooked.
While there is overlap between segments, distinct investment and servicing preferences call for a differentiated servicing strategy. For example, female HNW investors are more risk averse than other segments, but they tend to be comparatively loyal to their wealth manager. On the flipside, inheritors tend to be the least loyal, meaning early and ongoing engagement is critical.
Professionals: The largest target group in the HNW space
Professionals constitute the largest target group in the HNW space globally, which has led to many providers offering dedicated programs aimed at distinct segments such as executives, doctors, and accountants. Indeed, our data shows that with the exception of a handful of countries, professionals make for a sizable target group. In Asia, Hong Kong and Singapore serve as hubs for the north and south-east of the region respectively.
Strong labor markets and an abundance of international companies make Singapore and Hong Kong a natural choice
The top three expat destinations in Asia are the Philippines, Singapore, and Hong Kong. Serving as a hub for North Asia and South-East Asia respectively, Hong Kong and Singapore have attracted a large number of international companies. As a result, there are a large number of high-earning executive expat personnel managing operations in these cities. While these executives are likely to have migrated under work visas arranged by their companies, Singapore offers an additional pathway to residency under its Global Investor Program.
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