Thailand’s high-net-worth individuals are increasing, and so local banks are having to up their game in order to capitalise on new business opportunities
In 2013 there was an annual 9.3 percent increase in the Asia-Pacific region of high-net-worth individuals (HNWI) – those with assets of more than $1m – which is now second only to North America. This year high growth of the population in the region continues, according to Capgemini (see sidebar). The 2014 report flags an explosive 17.3 percent growth rate to some 4.32 million individuals for the region, approaching North America’s 4.33 million, thus narrowing the gap of the world’s HNWI population.
In term of the asset holding growth, the statistics show a 10.4 percent annual average growth rate in the Asia Pacific region, which is larger than eight and 8.9 percent of the global and North American average ratio respectively. The growth in population and wealth accordingly, points out the great opportunity for HNWI in Asia Pacific region.
Compared with other countries in the Asia Pacific region, Thai HNWI are worth watching both in terms of their population growth and asset holdings. The Thai HNWI population increased an average 12.7 percent annually over the past five years, outpacing Asia Pacific’s overall 9.5 percent. Moreover, the growth of annual asset holdings for Thai HNWI increased in wealth, averaging a whopping 14.4 percent, beating the regional 10.4 percent. These statistics explicitly show economic growth in the Asia Pacific region, and also add up to a significant opportunity among HNWI customers in the rapidly expanding Thai market.
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