Richer, younger and full of Eastern promise
Charities and financial advisers need to be alert to the changing patterns of wealth across the world and recognise that potential donors are getting richer, younger and may come from the East rather than the West.
In the past ten years, the number of young ultra high net worth individuals (UHNWI) has grown 1.5 times faster in the East than in the West, according to a study by BBC World News, in association with Coutts. The definition of UHNWI is people who have at least US$30 million in investable assets.
BBC World News has been presenting a series looking at the changing patterns of wealth across the globe. Changing Fortunes looked at the effect of the liberalisation of India, the opening up of the Chinese economy and the commodities boom leading to a growth in global wealth.
The series noted that potential donors are gaining their wealth at an earlier age. Its research found that in the East, 27.1% of UHNW are under 50, totalling 13,095 people. The vast majority, 20%, live in North Asia with South Asia and Southeast Asia hosting 3.5% and 3.3% respectively. China has 5,442 individuals (12.2%) and India 1,167 (2.4%).
It also found that 28.7% of the West’s UHNWIs are under the age of 50, totalling 33,408 people. The majority (18.6%) live in North America and 9.1% live in Europe.