Philippines is No. 15 among world’s biggest wealth gainers: You’ll be surprised who’s No. 1
The Philippines is among the Top 20 top performing wealth markets in the world over the last decade.
Based on the AfrAsia Bank Global Wealth Migration Review released May 2018, the Philippines ranked 15th as its fortune increased by 70 percent.
This is more than twice the average wealth growth of 27 percent in the last decade to $215 trillion in 2017 from $169 trillion in 2007.
The Philippines is one of eight Asian countries on the list with Vietnam and China leading the way:
1) Vietnam 210%
2) China 198%
3) Mauritius 195%
4) Ethiopia 190%
5) India 160%
6) Sri Lanka 133%
7) Panama 125%
8) Uruguay 117%
9) Malta 95%
10) Indonesia 92%
11) New Zealand 90%
12) Australia 83%
13) Korea, Rep. 80%
14) Israel 80%
15) Philippines 76%
16) Paraguay 76%
17) Rwanda 74%
18) Argentina 73%
19) Kenya 73%
20) Monaco 70%
AfrAsia expects global wealth to grow by 50 percent in the next decdae or $321 trillion by 2027 with Asian countries leading the way.
The top countries like to outperform in the next 10 years are:
1) Sri Lanka: Safe country, good educational standard and English speaking. Should benefit from strong growth in the local technology, manufacturing, real estate, healthcare and financial services sectors (10 year wealth growth forecast: 200%)
2) India: Large number of entrepreneurs, good educational system and English speaking. Strong growth forecast in the local financial services, IT, business process outsourcing, real estate, healthcare and media sectors (10 year wealth growth forecast: 200%).
3) Vietnam: Emerging manufacturing hub of Asia. Vietnam was the fastest growing wealth market in the world over the past decade and is expected to continue to grow strongly. We expect Vietnam wealth numbers to be boosted by strong growth in the local healthcare, manufacturing and financial services sectors (10 year wealth growth forecast: 200%).
4) China: Expected to benefit from strong growth in the local hi-tech, financial services, entertainment and healthcare sectors (10 year wealth growth forecast: 180%).
5) Mauritius: Safe country, business friendly and has low tax rates when compared to the rest of Africa. Hotspot for migrating HNWIs (high net worth individuals). We expect it to benefit from strong growth in the local financial services sector (10 year wealth growth forecast: 150%).