In 2021, there were around 70 thousand millionaires living in Malaysia. This figure is projected to increase to more than 130 thousand in five years’ time. Should the Malaysian economy continue its less than robust growth, however, this figure might have to be revised.
A positive outlook for the wealthy in Malaysia
2020 was not a good year for both the high-net worth individuals and ultra-high net worth individuals (UNHWI) in Malaysia. Compared to 2019, most were optimistic that the global economy in that year was more conducive to preserving and growing their clients' wealth as a majority of private bankers and wealth advisers in Malaysia reported increases in client wealth in that year. However, the HNWIs and UNHWIs live a life far removed from the average Malaysian. In 2019, only 3.9 percent of adults in Malaysia have wealth exceeding 100 thousand U.S. dollars. By comparison, this figure was 49.4 percent in neighboring Singapore.
Excesses of the ultra-rich
In the past year, the Malaysian public has been exposed to the excesses of the rich and powerful through the 1MDB scandal. This saw the then Prime Minister Najib Razak being accused of embezzling from state funds. The media widely publicized the seizure of luxury handbags belonging to Najib’s wife, each of which costs was more than the average Malaysian’s monthly salary. The public’s distaste for Najib’s extravagant lifestyle was so apparent that when his election rival, Mahathir Mohd, was photographed wearing four-dollar sandals, his picture went viral on social media.
FAQs
By 2026, there will be more than 87.5 million people with at least $1 million in wealth, up from 62.5 million in 2021, according to Credit Suisse Group AG's Global Wealth Report 2022 released on Tuesday.
What is the net worth to be top 1% in Malaysia? ›
Just US$485,000 (or over RM2. 2 million using today's currency rates) in net wealth in Malaysia is all it takes for you to be categorised as the richest one per cent here, or to be richer than 99 per cent of the Malaysian population, according to property consultancy Knight Frank's latest report.
How many millionaires are there in Malaysia? ›
In 2021, there were around 70 thousand millionaires living in Malaysia. This figure is projected to increase to more than 130 thousand in five years' time. Should the Malaysian economy continue its less than robust growth, however, this figure might have to be revised.
How many people are rich in Malaysia? ›
In 2017, there were 491 persons in Malaysia in the ultra-high net worth individual category, a number which grew to 659 persons in 2021 and 721 persons in 2022. KUALA LUMPUR — How much do you need to be in the top 1 per cent of your country's population in terms of wealth?
Who will be the richest person in the world in 2026? ›
Jeff Bezos to become world's 1st trillionaire
Seeing the current growth trend (his net worth has grown by 34 percent on average over the last five years) Bezos, who is currently estimated to be worth over $140 billion dollars, could become the world's first trillionaire by 2026, at the age of 62.
How many millionaires live in the UK? ›
Countries by number and percentage of millionaires
| Country or subnational area | Number of millionaires | Percentage of millionaires (% of adult population) |
|---|
| China * | 6,190,000 | 0.6 |
| Japan * | 3,366,000 | 3.2 |
| United Kingdom * | 2,849,000 | 5.4 |
| France * | 2,796,000 | 5.6 |
44 more rowsMalaysians who earn roughly RM25,000 a month are in the country's top 1 per cent of wage earners, said Dr Muhammed Abdul Khalid, chief economist at consultants DM Analytics. That roughly translates into 146,000 individuals. Reference: Malaysia's rich drive demand for high life.
What ranking is Malaysia in richest country? ›
Economy of Malaysia
| Statistics |
|---|
| GDP | $447 billion (nominal; 2023 est.) $1.23 trillion (PPP; 2023 est.) |
| GDP rank | 34th (nominal; 2023) 31st (PPP; 2023) |
| GDP growth | 3.1% (2021) 8.7% (2022) 5.6% (2023f) |
| GDP per capita | $13,382 (nominal; 2023 est.) $36,847 (PPP; 2023 est.) |
36 more rowsAs an upper middle-income country Malaysia is both a contributor to the development of low- and middle-income countries, and a beneficiary of global experience in its own journey towards high-income and developed nation status.
How many millionaires in 2030? ›
According to a report by HSBC, there could be as many as 275 million millionaires in the world by 2030, up from 156 million in 2021. This growth is being driven by a number of factors, including: The rise of emerging economies, such as China and India, where the middle class is growing rapidly.
More data published by Statista suggests two-thirds of US millionaires are 60-79 years old. Another 23% of Americans with a net worth of $1 million or more are 50-59, with a small percentage of millionaires being 40 or younger. Approximately 1.79 million of the 22 million millionaires in the US are under 30.
What percentage of the world is millionaires 2023? ›
There are 47 million millionaires globally. It may not surprise you that the majority of the world's millionaires are residing in the USA. They make up less than 10% of the world's population.
Is it possible to become a Millionaire in 5 years? ›
Becoming a millionaire in five years is an extremely aggressive goal, but it could happen. Although hitting a home run with an investment is what dreams are made of, the most realistic path is to put aside big chunks of money every year. The historical average return for the S&P 500 index is 8%.
