Combined wealth of Asia's ultra rich jumped 5.4% to US$6.5 trillion in 2013

There will be more super wealthy by 2032.

According to the Wealth-X and UBS World Ultra Wealth Report 2013, Asia rebounded from last year’s contraction, when there were 42,895 UHNW individuals in the region.

As of 2013, there are 44,505 UHNW individuals in Asia with a combined wealth of US$6.5 trillion, an increase of 5.4 percent from the previous year.

Although the United States and Europe grew faster than Asia in the past 12 months, Asia will produce more UHNW individuals and wealth than both regions in the next five years.

The report forecasts that at current growth rates, Asia’s ultra wealthy population and wealth will eclipse that of Europe in 2021 and 2017 respectively.

Asia will have a larger UHNW population by 2032 and have a greater total wealth by 2024.

UBS said, "The report forecasts that Asia will generate more UHNW individuals and wealth than the US and Europe in the next five years. This closely mirrors our own observations of the trajectory of wealth creation in Asia. In Asia, the UHNW segment is dominated by entrepreneurs in their first or second generation who are still heavily involved in their family businesses.

The services they require go beyond personal investment advice, to include family succession matters and growing the business. At the top end of the segment, you have the family offices and institutional-like client groups which require complex, bespoke solutions and fast execution. UBS's ability to offer world-class and worldwide capabilities across wealth management, investment bank and global asset management, places us at a distinctive advantage in servicing these clients," Joseph Poon, Head of Ultra High Net Worth, Southeast Asia, UBS Wealth Management said.

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