In the coming five years, the number of HNW (high net-worth individuals) across Bangladesh is set to grow by around 11 percent, making Bangladesh part of a minority of countries with an increase of wealthy individuals in double figures.
This is according to the data and latest reports gathered and presented by the research firm, Wealth-X, who are based out of New York. Bangladesh has been ranked third in the world in terms of increasing wealthy population.
This new report basically contradicts an earlier one that stated that Bangladesh came out on top of the list of countries seeing the highest growth in ultra-high net worth individuals. That percentage was a 17.3% growth across five years.
While these two reports might seem at odds, they do actually measure slightly different metrics with different means. One tracks high net-worth individuals, and the other ultra-high. That does mean that they’re both solid indicators when it comes to the growth of the country as a whole though.
High net-worth people were defined as being those with a total net worth of at least one million dollars, up to thirty million, with those over thirty million being classed as ultra-high net worth.
These definitions aren’t just based on total assets either. High net-worth people are also defined as individuals with investable assets up to thirty million dollars, which excludes property and personal assets. That means things like primary residence and possessions don’t count.
Throughout the last year, the total population of high net-worth individuals worldwide grew by nearly two percent to 22.4 million people. This is an increment below the overall rates of global economic growth. The overall combined wealth also grew by almost two percent as well, hitting $61.3 trillion.
Bangladesh’s rich population was not the only country to boast growth in double-digit percentages. Nigeria was the highest, with 16.3% projected growth across the next five years, Egypt came in at 12.5%, Vietnam at 10.1% and Poland 10%.
Other countries in the top ten list of growth include China at 9.8%, Kenya at 9.8%, India at 9.7%, the Philippines at 9.4% and Ukraine at 9.2%. When it comes to the highest concentrations of wealthy individuals, the top ten countries are, in order, the United States, China, Japan, Germany, France, Canada, South Korea, Australia, and Italy, ranging from 8.68 million to 0.418 million.
With Bangladesh’s number of high net-worth people set to rise by up to eleven percent across the next half-decade, it’s unlikely that they’ll be joining that list anytime soon, but the growth is a hugely positive sign nonetheless.