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Thursday, October 23, 2014

MORE CRONIES GETTING RICHER? Number of high net worth individuals in Malaysia rising

MORE CRONIES GETTING RICHER? Number of high net worth individuals in M'sia rising
SINGAPORE - The number of high net worth individuals (HNWIs) in Malaysia grew 6.6% to 65,800 last year. Their total wealth increased by 9% to US$419.6bil (RM1.4 trillion).
This is according to the latest Asia-Pacific Wealth Report 2014 by Capgemini and RBC Wealth Management, which was released on Tuesday.
Stefan Mueller, managing director (Head of Investments and Products) of RBC Wealth Management, said in terms of the number of HNWIs in Asia Pacific, Malaysia ranked at No. 10.
“About 40% of the assets of these HNWIs are invested outside Malaysia, which is quite substantial compared to within the Asia-Pacific or the rest of the world,” he was quoted as saying in Bernama.
The report said HNWIs in Malaysia were averse to seeking professional financial advice, prefer to work with a single firm, and seek advice on family wealth.
Mueller said 81% of HNWIs in Malaysia felt that it was extremely important to invest according to social expectation.
As the Malaysian economy is expected to grow, Mueller was confident that the number of HNWIs in Malaysia would continue to rise. -ANN

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