Inside the affluent space: a view from the top to anticipate the needs of the emerging affluent
Sue Philips and Sharanya Sitaraman
Synovate Singapore, Singapore
Chin Mun Hong and Geoffrey Yan
Senior Manager, Global Marketplace Insights, Japan, Asia Pacific, Australia, American Express International, Singapore
CONTEXT FOR THE PAPER
Wealth is being created in Asia at an unprecedented pace. Asia is already home to 2.6 millionaires (2006) and 211 billionaires. In 2006, five of the top ten countries with the fastest growth in millionaires are Asian, including the top three – Singapore, India and Indonesia. The number of Asian billionaires grew 32% in 2007, double the growth rate for the rest of the world, which was 16% (see Figures 1-3).
Figure 1: Private wealth in Asia is being created in an unprecedented, fast pace ...