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- January 1, 2016: Vol. 3, Number 1

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Lap of Luxury: Number of high-net-worth individuals being created in Asia is multiplying quickly

by Jennifer Molloy

Luxury is the name of the game for many high-net-worth individuals seeking to enjoy their lives by doing whatever they choose with all that money, and high-net-worth individuals in Asia are no exception.

Julius Baer recently released its fifth annual Wealth Report: Asia, which tracks the cost of luxury goods and services, along with wealth creation, in 11 Asian cities — Bangkok, Hong Kong, Jakarta, Kuala Lumpur, Manila, Mumbai, Seoul, Shanghai, Singapore, Taipei and Tokyo. According to the report, the pool of investable assets held by high-net-worth individuals in Asia could reach $14.5 trillion by 2020, amounting to growth of 160 percent in the next five years.

Of this amount, Chinese high-net-worth individuals are the projected regional leaders, with wealth of $8.25 trillion expected by 2020 (up from $5.1 trillion anticipated for 2016). Thomas Meier, region head Asia Pacific with Julius Baer, says in a statement: “Our forecasts reflect the belief and con

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