Number of Malaysians with at least RM1.2mil to double over 10 years, says HSBC
PETALING JAYA : HSBC Bank expects the number of Malaysians with at least US$250,000 (RM1.18 million) in assets to double over the next 10 years.
HSBC's head of international wealth and premier banking Asia, Kai Zhang, said Malaysia's growing economy is creating more opportunities to build and sustain wealth.
'We estimate that the percentage of adults in Malaysia with at least US$250,000 in financial wealth will double over the next decade,' she said in a statement to mark the launch of HSBC Bank Malaysia Bhd's revamped HSBC Premier for its affluent and high-net-worth customers today.
Linda Yip, HSBC Malaysia's country head of international wealth and premier banking, said affluent Malaysians are increasingly seeking investment solutions that not only accelerate wealth accumulation but also safeguard their health and lifestyle.
In 2023, a report from property consultancy Knight Frank stated that the number of Malaysians with at least US$1 million (RM4.6 million) in wealth will nearly double from over 85,000 in 2022 to more than 164,000 in 2027.
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