Financial advisors looking for new high ultra net worth investors should set their sights on Asian countries like China, India and Taiwan that are home to a groundswell of super-rich entrepreneurs in need of sound financial advice.
That's the word from Wealth-X, the ultra high net worth (UHNW) prospecting and research firm, which released a report this week claiming that more than 43,000 people living in Asia are now have a net worth in excess of $30 million.
Wealth-X, based in Singapore, culled a variety of Asian government and banking databases as well as media websites to pull together the report. It found that Japan still ranks as the Asian country with the largest number of millionaires (13,000) with assets totaling more than $2.15 trillion.
China checked in second with 11,475 UHNW individuals followed by India (8,200) and Hong Kong (3,200).
The combined wealth of UHNW people in Asia totals more than $6.2 trillion, according to the report, placing the world's largest continent just behind the U.S. ($6.4 trillion) in total UHNW assets.
"Our research analysts have been intently monitoring the rising profile of Asian UHNW individuals, showing that wealth and asset managers must understand the scale and potential of the extreme wealth being generated in this emerging market," Wealth-X CEO Mykolas Rambus said in the report.
Hong Kong ranked fourth among Asian nations with 3,200 UHNW individuals, while Taiwan placed seventh with 1,050 UHNW folks.
"Judging by the current findings, the long-term potential of the region’s UHNW market remains strong for private wealth managers seeking opportunities for growth," the report concluded.