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KUALA LUMPUR, October 21 – If you've ever wondered how many extremely rich people have Malaysia, a study showed that there were only 487.
These people have at least $ 50 million (RMB 207.9 million) and up to $ 500 million (RMB 2.079 billion) of wealth, according to Credit Suisse Global Wealth Databook 2018 released earlier this week.
And it's actually about half the number of super-rich (998) Singapore, neighboring country, which is also the only Asian country to rank among the 10 richest countries in terms of wealth per adult.
For the record, Credit Suisse data show the top 10 countries with average wealth per adult above USD 100,000 (RM 415,800), ie Switzerland (USD 530,240), Australia, the United States, Belgium, Norway, New Zealand, Canada, Denmark and Singapore (United States). $ 283,260) and in France.
This contrasts with the overall amount of USD 63,100 (RM 262,369.80).
The next group of countries is the "intermediate wealth" group, with average wealth ranging from US $ 25,000 to US $ 100,000, which includes China, new EU members, Latin America and Latin America. Middle East.
Fast-growing Asian countries such as Malaysia, Thailand, and Vietnam are at the next level of "border wealth" (between $ 5,000 and $ 25,000 or RMB 20,790 – RMB 9,950), as well as huge countries and very populous like India, Russia, Brazil, Indonesia, Philippines and Turkey.
The border wealth group also includes most Latin American countries, countries bordering the Mediterranean, countries in transition located outside the EU, South Africa and Africa. 39, other major countries of sub-Saharan Africa. The remaining countries – mainly in Central Africa and Central and Southern Asia – have assets per adult below USD 5,000.
Malaysia, which has been seeking high-income status for years, is in fact classified as a "top-middle-income" country with a total wealth of US $ 1,988 billion ( RM 8 266 billion) or 0.6% of world wealth.
Malaysia's wealth per adult has almost quadrupled from US $ 23,853 (RMB 99,180) in 2000 to US $ 93,004 (RMB 386,710 in 2018), according to the Credit Suisse database.
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But if we go back to the 487 ultra-rich individuals this year, only 33 of them have a wealth of at least 500 million US dollars or 2 billion RM.
Of these 487 people, 184 are already billionaires or have at least 415 million assets (100 to 500 million USD), and the remaining 270 are between 50 million and 100 million USD (207.9 million RMB – 415,000). USD). million).
A little lower than very high net worth individuals (UHNW), there are 46,215 people classified as high net worth individuals, or 2,697 out of 10 million USD to 50 million USD (41.58 million). RMB-207.9 million RMB) 3,963 people in the category 5 million USD-10 million USD (20.79 million RMB – 41.58 million RMB), and a significantly larger number of 39,555 people in the 1 million category USD – 5 million USD (RMB 4.16 million, 79 million).
Overall, Malaysia ranks 39th out of 50 countries selected by Credit Suisse compared to the five richest and richest wealth categories. Singapore is in 21st place.
Of those in the 500 million US dollar and above category (RMB 2 billion) out of those of 50 countries, the US is unbeatable at 1,144 billionaires, while China is second at 708 billionaires, followed by the United States. India (225), Germany (203), Russia. (161), Hong Kong (132), United Kingdom (117), Switzerland (97), Italy (92), Canada (85), Australia (80), Korea (79), Japan (71), Thailand (70) ), Taiwan (66), France, Turkey (64), Brazil (63), Spain and Sweden (61).
Singapore has 46, followed closely by Indonesia (44), Mexico (39), Israel (36), then Malaysia with 33 countries such as Norway (30), Austria, Finland, the Netherlands, Bas (28), Saudi Arabia. Saudi Arabia (27), United Arab Emirates (26), Ireland (25), Philippines, Czech Republic (24) and Denmark (20).
Peru (18), Poland (17), Colombia, Belgium, New Zealand (16), Chile (15), Greece, Portugal, Kuwait (13), Argentina, South Africa (10) and Romania (3) are in total. . Hungary, Vietnam and Pakistan did not have one in this category.
Although the identities of billionaires and millionaires are not listed in the global study, Credit Suisse gave a profile of these people, which he said was highly concentrated in certain regions and countries.
Even when they live on different continents, these people from UHNW and the HNW tend to share similar lifestyles and to participate in the same global markets for luxury goods, said Credit Suisse. .
"The wealth portfolios of these people should also be more similar, with a greater focus on financial assets and, in particular, shares in publicly traded companies traded on international markets," says the book. data.
In the definition used by Credit Suisse, net worth or wealth is defined as the value of financial assets and non-financial assets (mainly housing) held by households, after deducting their debts.
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If the super-rich are an exclusive club in Malaysia, it is that these 46 702 UHNW and HNW collectively represent only 0.2% (not even the proverbial 1%) of the 21.372 million Malaysian adults.
The remaining 99.8% of Malaysian adults have a wealth of less than or equal to US $ 1 million (RM 4.16 million), the majority (60.6%) having a wealth of less than US $ 10,000, while 36.2% have a wealth of 10,000 US dollars. 100,000 USD and 3% in the wealth bracket above 100,000 USD and 1 million USD.
Malaysia also displays a relatively high value of 82% of the Gini index based on patterns of wealth distribution among Malaysian adults, suggesting a high inequality of wealth.
As for Malaysian households, 685,000 in Malaysia earn more than 100,000 USD, and 47,000 more than 1 million USD.
However, this wealth gap is not unique in Malaysia, a fairly similar distribution in terms of the distribution of wealth between adults is observed: 63.9% (less than 10 000 USD), 26.57% (10 000 USD) US $ 100,000), 8.68% (US $ 100,000 to US $ 1 million), 0.84% (above US $ 1 million).
Credit Suisse notes that this means that 63% of the world's population owns only 1.9% of global wealth, while only 0.8% of adults are millionaires who collectively own 45% of all assets.
Credit Suisse also said that an adult needs only $ 4,210 in assets after subtracting his debts to be among the richest half of the world by mid-2018.
"However, a person needs at least US $ 93,170 to be among the top 10% of global wealth holders and US $ 871,320 to be among the richest 1%. Taken together, the lower half of the world's population owns less than 1% of the total wealth.
"In contrast, the richest decile holds 85 percent of global wealth, and the last percentile alone accounts for 47 percent of global assets," he said.
Earlier this week, the Khazanah Research Institute's latest report highlighted inequities for Malaysians, but with a different emphasis on households and income inequality rather than on individuals and wealth.
Read here to discover why you can think that the rich are getting richer and richer. and why a "rich" household in Kelantan may be considered low income in Kuala Lumpur; and the troubling realities of low-income households where those earning less than RM 2,000 per month can end up with only RM 76 after expenses.
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