Colombo, March 6 (NIA) – Sri Lanka’s capital Colombo is likely to see a 160 percent growth in the super rich with more than 30 million dollars (Rs45bn) in personal wealth to 182 individuals over the next decade, an international consultancy said.
Colombo is expected to be the fastest after Vietnam’s Ho Chi Minh City, the 2016 Wealth Report by Knight Frank, a UK based property consultancy said.
Sri Lanka had 3,400 dollar millionaires, 170 multi-millionaires and 70 ultra high net worth individuals (UHNWIS) with more than 30 million dollars.
However no dollar billionaires were listed as being resident in Sri Lanka.
Personal wealth is measured by liquid assets such as land, homes and stocks.
Only Ho Chi Minh City in Vietnam was expected to grow faster that Colombo, at 170 percent with 30 million dollar plus individuals growing to 243 by 2026, from 90 individuals in 2016.
India’s Hyderabad which had 260 ultra high net worth individuals would also see a 160 percent growth to 676.
Mumbai which had high property prices would see a 150 percent growth in super rich to 3,350 in ten years.
Shanghai in China would see the super rich growing 150 percent to 6,450 individuals from the current 6,450. Shenzen would also see a 150 percent growth to 1725 individuals from the current 690.
Hong Kong already had 4,080 super rich and would see them grow 40 percent to 5,712.
Singapore had 2,500 super rich individuals and was expected to grow 40 percent to 3,500.
In 2011, Sri Lanka was listed among the six of the 10 countries in Asia with the fastest-growing millionaire populations, led by Hong Kong and Vietnam, according to the World Wealth Report by Merrill Lynch’s wealth management division and the consultancy.
Recent wealth reports have stated that Asia has more millionaires than Europe as Asia’s economies were growing much more quickly than those in developed countries.
Globally, women were also increasing in the ranks of millionaires.
(With inputs from EconomyNext)