Asia to have more billionaires than Europe by 2023
MANILA, Philippines - The Philippines will have more billionaires by 2023, according to the "Wealth Report 2014" from Knight Frank LLP and WealthInsight.
The Wealth Report showed the Philippines is one of the countries with the fastest forecast growth in billionaires. The Philippines is projected to have 62% more billionaires in 10 years -- from 13 billionaires in 2013 to 21 by 2023.
It also showed the Philippines will have more billionaires than Singapore, which is projected to have 20 billionaires by 2023. But this is still less than Thailand which is forecast to have 23 billionaires by 2023.
According to Forbes magazine's 2014 global billionaires' list, Sy and his family are the richest in the country with a net worth of $11.4 billion. The Sy family are in the top 100 billionaires list in the world.
The other Filipino billionaires who made it into the Forbes list are tobacco tycoon Lucio Tan and family, property mogul Andrew Tan, ports tycoon Enrique Razon, Jr., JG Summit founder John Gokongwei, Jr., construction magnate David Consunji, Metrobank owner George Ty and family, Jollibee founder Tony Tan Caktiong, businessman Robert Coyiuto and Filinvest's Andrew Gotianun.
The Wealth Report also noted Indonesia and India are among the countries with the fastest forecast growth in billionaires. Indonesia is projected to have 56 billionaires by 2023 from 23 in 2013, while India will have 119 billionaires by 2023 from 60 in 2013.
The report also showed China will have 80% more billionaires by 2023 with 322, exceeding the total number of billionaires in the UK, Russia, France and Switzerland combined.
"In terms of future hotspots, China is encouraging the development of the financial sector, which is the prime source of wealth and prosperity for many global markets. The new reforms announced by the Chinese government designed to invigorate the state-owned financial sector and allow private ownership of banks will inevitably lead to the availability of credit to the growing middle class. This will see their spending power rise while providing a new source of revenue for UHNWIs," Ouliana Vlasova, chief analyst at WealthInsight, said in the report.
Ukraine will also have 71% more billionaires by 2023 with 24, while Chile is forecast to have 56% more billionaires with 25.
However, the United States will have the most number of billionaires in the world with 503 by 2023, from 417 billionaires in 2013.
The Wealth Report noted that the world will have 2,315 billionaires by 2023, a 38% jump from 1,682 in 2013.
By 2023, the number of billionaires in Asia is forecast to overtake the number in Europe. Asia will have 809 billionaires by 2023, followed by Europe with 629 and North America with 532.
Middle East will have 146 billionaires by 2023, followed by Latin America with 136, Africa with 38 and Australasia with 25.