As Asia continues to be a fascinating, complex, and
incredibly wealthy region of the world, we are noticing trends
emerging in the amount of private wealth in the region and the
structuring and allocation of privately held assets among our
clients. Ian Rumens, Head of Private Clients –
Jersey, discusses some of these below.
The private wealth boom in Asia
Asia's UHNW population is growing as private wealth in the
region increases. The UHNW population in the region grew 7.2%
during 2020-2021 to 170,000 and is projected to rise to 225,000 in
2026, according to Knight Frank's 2022 wealth report. Wealth
management is also expected to boom in the coming years: over the
past decade, Asia-Pacific's share of AUM grew 2.4 times faster
than North America and 3 times faster than Europe. Data compiled by
Accenture, also states that AUM in the region is expected to rise
from $15.1 trillion in 2017 to $29.6 trillion in 2025.
