Dominic G. Diongson
Emerging Asian nations such as Indonesia are likely to lead global growth among wealthy individuals, boosted by economies that are expanding faster than those in developed countries, according to a report from the Boston Consulting Group. Private financial wealth worldwide is forecast to rise to $151.2 trillion in 2016 from $122.8 trillion in 2011, BCG said in its 12th annual report on the global wealth-management industry titled “The Battle to Regain Strength.” In the Asia-Pacific region excluding Japan, wealth is forecast rising to $40.1 trillion from $23.7 trillion. That 69 percent growth rate would be the most by region, eclipsing the 54 percent rise in Latin America and 36 percent gain in Middle East and Africa.
Total wealth in the Asia-Pacific ex-Japan region would be second in the world in 2016, only trailing North America, which is estimated at $41.5 trillion. Western Europe would be third, at $36.7 trillion, BCG data show. “Along with China and India, Indonesia is expected to be one of the fastest-growing Asian markets in future years,” Ken Timsit, a Jakarta-based partner and managing director, said in an e-mail on Thursday. A substantial portion of Indonesian wealth, he said, has been generated by business owners in a variety of industry sectors — including natural resources and commodities, energy-related products and services, and consumer goods. Household wealth in Indonesia climbed to $630 billion in 2011, from $530 billion a year earlier, a growth rate of about 20 percent comparable to China and India, Timsit said. The majority of wealthy Indonesians’ assets are in cash or money markets onshore, though it is estimated that the wealthiest segments have about 50 percent of their assets offshore, he said. BCG estimates that about 500,000 households in Indonesia have at least $100,000 in financial assets, and they represent about 20 percent of the approximately 2.5 million households in the region that makes up the 10-member Association of Southeast Asian Nations. Indonesia’s economy expanded by 6.3 percent in the first quarter, while growth in India was 5.3 percent and 8.1 percent for China. The United States grew 2.1 percent.
The Jakarta Globe
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