The Ultra Rich Population in M’sia Increased by 9.4% in 2022, Despite Global Decline of 3.8%!

Wealth is a sticky subject in Malaysia, especially considering the huge disparity between the privileged and the underprivileged.

And while the underprivileged are still struggling to free themselves from poverty, the ultra rich are getting richer.

According to The Wealth Report 2022 by Knight Frank, Malaysia is among the top countries where Ultra High Net Worth Individuals (UHNWIs), or the ultra wealthy population expanded by 7-9% despite the global population of UHNWIs falling by 3.8%.

This comes after Asia’s UHNWI population declined by 6.5%!

Malaysia takes the top 6th spot with a UHNWI population growth of 9.4%.

The other countries in the top 10 include: 

• First is UAE at 18.1%
• Second is Tanzania at 13.9%
• Third is Brazil at 11.2%
• Fourth is Nigeria at 10.7%
• Fifth is Saudi Arabia at 10.4%
• Seventh is Indonesia at 9%
• Eighth is Singapore at 6.9%
• Ninth is Turkiye at 6.2%
• Tenth is Canada at 6%

This image is for illustration purposes only.

The report also shared how much, in USD, do individuals from different countries need in order to join the global 1% club, and in Malaysia’s case, it’s USD485,000 (RM2,236,577.50).

Malaysia has also been included in the top 10 countries with forecasted UHNWI growth for 2022 to 2027, with a predicted increment of 44.8%.

While it is great to see our fellow Malaysians doing well in life, we also genuinely hope that this growth means more opportunities for the underprivileged to free themselves from poverty and a smaller gap between the rich and the poor.

What do you think about this? Do feel free to share your thoughts in the comment section.

Also read: Mum-Son Duo Sent Back to Ipoh After Almost Becoming Homeless in Penang While Looking for Jobs