Credit Suisse put its annual Global Wealth Report out today, and part of that study has projected there will be 75% more millionaires in Asia Pacific in 2018.
It also showed that Australia — right now — has 1.123 million USD millionaires, which is 38,000 more than last year.
The prediction for for Asia Pacific, according to Credit Suisse, is that the total number of millionaires in the region will rise to 11.5 million by 2018, compared with a 41% increase in North America and a 47% growth in Europe.
Also according to the report, in five years 24% of the world’s millionaires will live in Asia Pacific, which would be up from the current figure of 21%.
China, unsurprisingly, will be the biggest contributor of new rich people with the number of millionaires there projected to reach 2.1 million by 2018.
The total number of millionaires globally is expected to be around 47 million in 2018, a rise of 50% or almost 16 million from 2013.