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.
How much do you need to be in the top one per cent of your country’s population in terms of wealth?
According to Knight Frank’s latest edition of its The Wealth Report , its own definition of an ultra-high net worth individual — someone who owns more than US$30 million wealth — actually requires greater wealth size compared to what is perceived as “the one per cent”. However, the same report said the number of wealthy individuals has continued to grow in Malaysia, with those being high net worth individuals or owning over US$1 million numbering 58,395 persons in 2017, before growing to 66,682 in 2021 and to 85,126 in 2022.
The latest official statistics from the Department of Statistics Malaysia as of May 11 show that the Malaysian population is estimated to number 33.2 million, comprising 30.4 million citizens and 2.8 million non-citizens.During the global financial crisis, attention turned to terms such as “the one per cent” which were deemed as the richest of the rich with wealth concentrated in their hands, to emphasise the wealth inequality with the remaining 99 per cent of the population.
Switzerland has the second-highest level of wealth required to be in “the one per cent” segment at US$6.6 million, followed by Australia , New Zealand , the US and Ireland .
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