By 2030, Singapore will surpass Australia as the Asian nation with the greatest percentage of millionaires among adults.According to a research released by the bank on Tuesday, the financial centre is anticipated to be at the top of the list in the Asia-Pacific, followed by Australia, Hong Kong, and Taiwan.
By the end of the decade, the percentage of millionaires in those four nations will surpass that in the US, claims the analysis.According to HSBC, Australia was ranked first in the area in 2021, with Singapore coming in second. The bank did not provide information on how the US compared during that year.
Since the Global Financial Crisis, according to HSBC, Asia’s financial wealth has overtaken that of the United States, and the area is also home to some of the world’s fastest-growing economies.The survey predicts that by 2030, there will be more than twice as many individuals in Vietnam, the Philippines, and India who have at least $250,000. Nevertheless, there are many millions of poor people living in the area.