Economic powerhouses like the United States, China and Japan may be home to the highest proportion of the world’s wealthy, but when it comes to minting new millionaires, opportunities abound more in Nigeria.
That’s according to a new report from wealth research firm Wealth-X, which found that the countries on track for the fastest growth in their wealthy populations are select emerging nations across Africa, Asia and Europe.
The first edition of the High Net Worth Handbook provides unique HNW analysis, uncovering the state of the world’s millionaire population (those with between $1m and $30m in net worth), which rose by 1.9% to 22.4m people in 2018 and is forecast to increase by another 6.2% over the next five years.
The study, taken from Wealth-X’s inaugural “High Net Worth Handbook 2019,” drew on research from more than 540,000 high net worth individuals — those with a net worth of $1 million to $30 million — to forecast its outlook for global wealth growth over the next five years. It took into account current wealth levels, population growth estimates and anticipated future investment opportunities.
The report found the West African nation of Nigeria to be the front runner, set to see its high net worth population balloon by a compound annual rate of 16.3 percent between now and 2023. It was followed by Egypt at 12.5 percent and Bangladesh at 11.4 percent.
The global leader in wealth information and insight, Wealth-X partners with prestige brands across the financial services, luxury, not-for-profit and higher-education industries to fuel strategic decision-making in sales, marketing and compliance. We have developed the world’s most extensive collection of records on wealthy individuals and produce unparalleled high net worth market research to help our clients uncover, understand, engage their target audience and mitigate risk. Founded in 2010, with offices across North America, Europe and Asia, Wealth-X provides unique data, analysis, and insight to a growing roster of over 500 clients.
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