Who is WealthInsight? They are an international Wealth Research Group. I have no idea too but according to their study published in many newspapers, there were 13,800 millionaires in Malaysia, each with a minimum of US$1 million. (RM3.45 Million). Sorry, their benchmark is US$. Thus, for those who happens to already own RM1 million in assets, you are not included inside the 13,800. Another even more awesome thing would be that in Kuala Lumpur itself, there are more millionaires than there are in any other cities of the world! Hmm.. Tokyo? Shanghai? Hong Kong? Singapore? Well, I have some doubts about this. Then, again perhaps based on %. If based on %, Malaysia definitely stands a chance as the number of population within KL itself is not as high as the few countries mentioned. Malaysia’s largest city Kuala Lumpur has the highest number of millionaires (denominated in US dollars) surpassing all other cities of the world, according to a report by international wealth research group WealthInsight. Kuala Lumpur’s total is even higher than Abu Dhabi and Birmingham.
WealthInsight analyst Tom Carlisle said one major reason for these new millionaires was due to the well-performing Malaysian economy during the financial crisis. Now we know within threats exists opportunities. 🙂 Other reasons included that we are an Islamic banking hub and the fact that these people acquired their wealth in finance as well as in REAL ESTATE and construction. This is expected to continue, especially real estate which is influenced by the high economic growth expected over the next five years. Yes, the typical 5% growth or higher is considered a high growth because in majority of developed economies, getting a 2% increase is considered a huge achievement already. Thus 5% or higher? That’s high growth. Oh yeah, even when compared to Indonesia which is a much larger country, our number of millionaires are similar to them. Do not wish to comment on this sensitive issue but we can see the opportunities are definitely pretty good for Malaysians and for real estate in general if we invest correctly and objectively.
So, how many of us would ever become included into this statistics in the future, say another 10 more years? Well, majority would not. It’s ok to be slow but never be stagnant. Keep this in mind though, if we would like to be rich and think investment like them, then real estate is something all of us must not do without. I am very sure these high net worth individuals would keep some their cash in fixed deposits but do note that the growth in their wealth over the past years would have not been due to these fixed deposit accounts that they have. Oh yeah, how are we compared to our richer neighbour, Singapore? Here: 174,000 millionaires in Singapore Happy dreaming, I need a good pillow tonight.
written on 9 Dec 2014
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