Southeast Asians are richer than Indians

Asia files

Have you just got into debt for your three-room apartment, is your salary growing more slowly than the inflation rate? Be careful, then your envy is about to be aroused. Because this is about the rich of this earth. And there are more and more in Asia. The growth region still has the largest number of poor in the world. But as early as 2013, the Asians will replace the Europeans as the part of the world's population that has amassed the greatest wealth. There is no talk of a crisis among the super-rich: the world's accumulated wealth will triple to 345 trillion dollars between 2000 and 2016 - regardless of the crisis.

From Christoph Hein

Do you think the world is in crisis? Maybe. But it doesn't seem to affect everyone equally. Because the fortunes of those who have a lot continue to grow. While the world's adult possessions were $ 113 trillion in 2000, it was $ 203 trillion last year. This year the value will grow to $ 231 trillion - a doubling in a good decade. This is what the Credit Suisse economists determined in their latest Global Wealth Report. “The crisis is affecting the wealthy less than perhaps expected. Because they invest their money primarily in long-term investments, such as real estate, ”said Giles Keating, who heads research at Credit Suisse's wealth management team. They count as assets the possessions of the adults of the world, including real estate, pension entitlements and minus debts.

The statement is clear: whoever has will be given. We know from the financial center of Singapore that the rich have increased their possessions faster and faster over the past decade, while the lower class has only been able to cover a little more. The city-state is number five among the world's wealthy countries and has the largest number of millionaires in terms of population. The weights are shifting: of all places, the region of the world that has the most poor will show the greatest accumulated wealth in 2013: In just under two years, Asia will have replaced Europe as the richest region in the world. The Asians are already hot on the heels of the Europeans: their wealth is 75 trillion dollars, that of the Europeans is 78 trillion. The Americans were last in front in 2005. After the crisis years, they now own 65 trillion dollars. In 2016, the Asians will have amassed 116 trillion dollars, the Europeans on 113 trillion dollars, the North Americans on 91 trillion dollars, the Swiss have calculated. “Of course the crisis will leave its mark on Europe,” says Marcel Kreis, who heads the private clients business in Asia for Credit Suisse.

Nevertheless, Kreis can be happy. Because his clientele is growing rapidly in Asia: The number of dollar millionaires in China will grow by 134 percent by 2016, in India from a lower base by 150 percent. It is followed by Singapore with an increase of 123 percent within five years and neighboring Indonesia with 116 percent growth. And Germany? Here the number of millionaires is increasing by 78 percent. The Swiss statisticians come up with nice ideas. They calculated that the Chinese were only as rich in 2011 as the Americans were in 1968. But it only took the Chinese five years to 2016 to reach the level of the Americans in 1980.

It quickly becomes clear why asset managers in Asia are fighting bitter battles for personnel. China's wealth has grown by an average of 15 percent since 2000, and those of Indians by almost 13 percent. The rest of Asia, burdened by the stagnation in Japan, still grew by an average of 6 percent annually. But what does that mean for the individual Asian? Statistically, every Singaporean today has an average wealth of 284,700 dollars, every Australian - thanks to the raw material boom, the small number of the population and the strong external value of the Australian dollar - to 396,700 dollars and the average Japanese to 248,800 dollars. Calculated per capita, the two large emerging countries, China and India, lag far behind: the average Chinese have assets of 20,700 dollars, the average Indian to only 5,500 dollars. But it won't stay that way: the wealth of the Chinese alone has quadrupled since 2000 - no wonder, given economic growth of a good 10 percent.

As positive as the prospects are, the growing wealth contains explosives: only 2.3 percent of the 1.3 billion Chinese own more than 100,000 dollars. Among almost the same number of Indians, the proportion of the extremely rich is only 0.4 percent. For comparison: In Switzerland, the share of owners of assets of more than 100,000 dollars is 50.2 percent. And America is still way ahead when it comes to the number of dollar millionaires: The USA accounts for 34 percent of the world's millionaires, Germany has 6 percent. And what about the new power China? So far it is only 4 percent, no more than Australia.

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Rich, richer, Asian.

From Christoph Hein

Have you just got into debt for your three-room apartment, is your salary growing more slowly than the inflation rate? Be careful, then your envy will be aroused. Because this is about the rich of this earth. And there are more and more in Asia. The growth region still has the largest number of poor in the world. However, as early as 2013, the Asians will replace the Europeans as the part of the world's population that has amassed the greatest wealth. There is no talk of a crisis among the super-rich: the world's accumulated wealth will triple to 345 trillion dollars between 2000 and 2016 - regardless of the crisis.

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