22/10/2018 Malaysia’s ultra-rich vs Singapore’s: Who’s wealthier?

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alaysia’s ultra-
ch vs Singapore’s:
Who’s wealthier?
Ida Lim
Malay Mail 21 October 2018

A recent study showed that 487 individuals are considered ultra-rich in

Malaysia. — Reuters pic

KUALA LUMPUR, Oct 21 — If you have ever wondered how many

ultra-rich individuals Malaysia has, a study has shown that there
are a mere 487 of them.

These are individuals who have at least US$50 million (RM207.9

million) and up to US$500 million (RM 2.079 billion) of wealth,
according to Credit Suisse’s Global Wealth Databook 2018 that
was released earlier this week.

And it’s actually about half of the number of super-rich individuals

(998) in neighbouring Singapore, which is also the only Asian
country to be ranked in the top 10 richest countries in terms of What to read next
wealth per adult.

For the record, Credit Suisse data shows the top 10 countries with
mean wealth per adult above US$100,000 (RM415,800) as
Switzerland (US$530,240), Australia, US, Belgium, Norway, New
Zealand, Canada, Denmark, Singapore (US$283,260) and France.

This is in contrast to the global figure of US$63,100

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(RM262,369.80). Velappan
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The next group of countries is the “intermediate wealth” group
with mean wealth ranging from US$25,000-US$100,000 which
includes China, new EU members, those from Latin America and
the Middle East.

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22/10/2018 Malaysia’s ultra-rich vs Singapore’s: Who’s wealthier?
Fast-developing Asian nations like Malaysia, Thailand and
Vietnam are in the next tier of “frontier wealth” (US$5,000-25,000
or RM20,790-RM103,950), along with huge and heavily populated
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Turkey.

The frontier wealth group also includes most of Latin America,

Mediterranean border nations, transition nations outside the EU,
South Africa and other leading sub-Saharan nations. The
remaining countries — mostly in central Africa and central and
south Asia — have wealth per adult of below US$5,000.

Malaysia, which has been wanting to join the high-income nation

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category for years, is in fact categorised as an “upper middle- over slain journalist
income” country with total wealth as of this year at US$1,988 AFP News

billion (RM8,266 billion) or at 0.6 per cent of the global wealth.

Malaysia’s wealth per adult almost quadrupled from US$23,853

(RM99,180) in 2000 to US$93,004 (RM386,710) in 2018, the Credit
Suisse databook showed.

About the super, super rich

But zooming back in to the 487 ultra-rich individuals as of this

Dr M ordered all states to raise minim
year, only 33 of them have a wealth of at least US$500 million or
marriage age to 18, Penang exco rev
RM2 billion. Malay Mail

Out of these 487 persons, 184 are either already billionaires or

have at least RM415 million assets (US$100 million-US$500
million category), and the remaining 270 are in the US$50 million-
US$100 million (RM207.9 million-RM415 million) category.

One step below the ultra-high net worth (UHNW) individuals are
46,215 individuals who are categorised as high net worth (HNW)
individuals, namely 2,697 in the US$10 million-US$50 million
When there is unity, there is victory
(RM41.58 million-RM207.9 million) category, 3,963 in the US$5 Malay Mail
million-US$10 million (RM20.79 million-RM41.58 million) category,
and a significantly larger number of 39,555 individuals in the US$1
million-US$5 million (RM4.16 million-RM20.79 million) category.

As a whole when compared against all five ultra-rich and rich

wealth categories, Malaysia is placed at the 39th spot out of a
select 50 countries compared by Credit Suisse. Singapore is at
the 21st spot.
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Looking at just those in the US$500 million and above (RM2
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billion) category out of these 50 countries, US is unbeatable with
1,144 billionaires, while China is second with 708 billionaires,
followed by India (225), Germany (203), Russia (161), Hong Kong
(132), UK (117), Switzerland (97), Italy (92), Canada (85), Australia
(80), Korea (79), Japan (71), Thailand (70), Taiwan (66), France,
Turkey (64), Brazil (63), Spain and Sweden (61).

Singapore has 46 of such billionaires, followed closely by

Indonesia (44), Mexico (39), Israel (36), and then Malaysia at 33,
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piping countries such as Norway (30), Austria, Finland, Associated Press
Netherlands (28), Saudi Arabia (27), UAE (26), Ireland (25),
Philippines, Czech Republic (24) and Denmark (20).

Rounding this up is Peru (18), Poland (17), Colombia, Belgium,

New Zealand (16), Chile (15), Greece, Portugal, Kuwait (13),

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22/10/2018 Malaysia’s ultra-rich vs Singapore’s: Who’s wealthier?
Argentina, South Africa (10) and Romania (3). Hungary, Vietnam,
Pakistan had none in this category.
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While the identities of the billionaires and millionaires were not Malay Mail
listed in the global study, Credit Suisse offered an insight into the
profile of such individuals which it said was heavily concentrated
in particular regions and countries.

Even when they live in different continents, these UHNW and

HNW individuals tend to share similar lifestyles and participate in
the same global markets for luxury goods, Credit Suisse said.

“The wealth portfolios of these individuals are also likely to be

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international markets,” it said in the databook.

In the definition used by Credit Suisse, net worth or wealth is

defined as the value of financial assets and non-financial assets
(mainly housing) owned by households, after deducting their
debts.

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If it feels like the super-rich are an exclusive club in Malaysia,
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that’s because these 46,702 UHNW and HNW individuals Money Mindset Reboot Sponsored
collectively only amount to 0.2 per cent (not even the proverbial 1
per cent) of the 21.372 million adults in Malaysia.

The remaining 99.8 per cent Malaysian adults have a wealth that
either touches or falls below US$1 million (RM4.16 million), with
the bulk or 60.6 per cent with wealth below US$10,000, while 36.2
per cent have wealth of US$10,000-US$100,000, and three per
cent at the higher wealth range of US$100,000-US$1 million.
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Malaysia also has a relatively high Gini index value of 82 per cent routes, 2-day format
based on the wealth distribution patterns among Malaysian
adults, which suggests high wealth inequality.

As for Malaysian households, 685,000 in Malaysia earn more than

US$100,000, while 47,000 households earn more than US$1
million.

But this wealth gap is not unique to Malaysia, as a fairly similar

breakdown in terms of wealth distribution among adults is seen
globally: 63.9 per cent (below US$10,000), 26.57 per cent SMRT Feedback and KF Seetoh rail
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(US$10,000-US$100,000), 8.68 per cent (US$100,000-US$1 centre contracts
million), 0.84 per cent (above US$1 million). Coconuts Singapore

Credit Suisse notes that this means 63 per cent of the global
population has only 1.9 per cent of global wealth, while only 0.8
per cent of adults are millionaires that collectively own 45 per cent
of all assets.

Credit Suisse also said an adult only needs US$4,210 in assets

after subtracting debts to be counted as among the wealthiest
half of the world as of mid-2018. PHOTOS: Death toll from Indonesia q
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“However, a person needs at least US$93,170 to belong to the top
10 per cent of global wealth holders and US$871,320 to be a
member of the top 1 per cent. Taken together, the bottom half of
the global population own less than 1 per cent of total wealth.

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22/10/2018 Malaysia’s ultra-rich vs Singapore’s: Who’s wealthier?
“In sharp contrast, the richest decile hold 85 per cent of the
world’s wealth, and the top percentile alone account for 47 per
cent of global assets,” it said.
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Earlier this week, Khazanah Research Institute’s latest report
highlighted the inequalities for Malaysians, but with a different
focus on households and income inequality instead of individuals
and wealth.

Read here to find out why you may feel that the rich are getting
richer; and why a ‘rich’ household in Kelantan may be considered
low-income in Kuala Lumpur; and the troubling realities of low-
income households where those earning below RM2,000 monthly
may be left with just RM76 after expenses. Poised for TAKE-OFF
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*Currency conversion rates as of October 20, 2018.

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