Ultra Rich Malaysians Up 3% In 2016

Ultra Rich Malaysians Up 3% In 2016

Not even the weakening ringgit could dent the fortunes of Malaysia’s ultra high net worth individuals (UHNWI). According to the latest Knight Frank’s 2017 Wealth Report, the number of UHNWIs increased 3% last year to 1,020 people.

“The increase might not be much, but Malaysia seeing about 30 more UHNWIs from 2015 is in tandem with the overall growth in Asia and Australasia regions,” said Nicholas Holt, the international property consultancy’s Asia Pacific head of research.

The number of ultra-rich Malaysians who had at least US$30 million (RM1.3 billion) in net assets numbered about 990 people in 2015, according to Knight Frank.

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The survey is based on the responds and views of bankers and wealth advisers who manage assets of these high net worth individuals in 89 countries.

The report also ranked Kuala Lumpur 31st in its list of “cities that matter” to the super rich, ahead of Amsterdam, New Delhi, Rome and Seattle.

The ranking is based on its four measures of current wealth, investment, connectivity and future wealth.

Knight Frank’s country managing director S. Sarkunan said Malaysia’s price forecast for residential properties is expected to remain stagnant for the entire year.

“Weak ringgit and uncertainties like elections that is expected to take place this year are among the reasons for property prices to grow at 0%.

“So, this is a good year to buy properties,” he said.

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