Number of Pinoy Multimillionaires Will Triple by 2030

Banking giant, HSBC has released a report titled “The Rise of Asian Wealth: Building Depth and Resilience,” which mentions that the number of adults with wealth of at least $250,000 would triple by the year 2030 in light of the expanding pool of local savings.

HSBC’s Chief Asia Economist Frederic Neumann has mentioned that economies like the Philippines are now growing faster and tend to also accumulate wealth faster.

“Economies that grow faster naturally accumulate wealth at a quicker pace,” says Neumann.

HSBC also noted that these faster-growing economies are more likely to be poorer and will thus start from a lower base.

The report also mentioned how India, Vietnam, and the Philippines are predicted to see double the number of adults with a wealth of a minimum of $250,000.

“In these economies, in short, the middle class continues to expand rapidly. While this is often talked about in the context of growing consumer markets, where a rising share of household spending is deemed ‘discretionary’ (powering demand for things like cosmetics, cars, and computers) when it comes to wealth, this signifies the growing demand for more sophisticated financial services, such as wealth and pension planning, and demand for insurance products,” reported HSBC.

It is also noted that the number of Filipino adults with wealth holdings of at least $1 million is expected to quadruple to 400,000 by 2030 and 700,000 by 2035. The current number of Filipinos with these holdings is 100,000.

HSBC says that the Philippines is expected to be the 6th fastest projected growth in aggregated financial wealth from 2022 to 2030.

Source: Philstar