The billionaire population in Asia is set to outgrow other regions between 2018 and 2023, according to Knight Frank's 13th edition of The Wealth Report. While the number of billionaires in North America will rise by 17%, Asia will rise by a whopping 27%, reaching 1003 in the next 4 years. That will make a third of the world's total billionaire population of 2696.

The last period between 2013 to 2018 however recorded growth of a faster pace, doubling from 363 to 787 in Asia.

Distribution of Ultra-High Net Worth Individuals (UHNWIs)

As seen in the previous editions of The Wealth Report, Asian countries will also see the fastest growth in UHNWIs. Those with US$30 million or more are UHNWI for the period between 2018 to 2023. In Knight Frank's forecast of 59 countries, 8 of the top ten countries are in Asia, Malaysia occupying the 6th place at 31% growth.

Top 15 countries/territories with the fastest UHNWI population growth chart displayed in the gallery above. Source: Global Data WealthInsight.

Nicholas Holt, Head of Research, Knight Frank Asia Pacific, says, "Despite softening momentum in the region's economies, growth prospects in Asia remain favourable in the medium term. While China's economy is expected to slow, emerging markets such as India and the Philippines will deliver some of the strongest growth over the coming years."

Though the forecast for long-term wealth creation remains positive, UHNWIs in Asia-Pacific are less optimistic about growing their wealth in 2019, according to the Attitudes Survey. Against the prospect of continued higher interest rates and with the ongoing China and US trade tariffs, wealth advisors in Asia (excluding Australia and New Zealand) were among the least optimistic globally about their clients' ability to create wealth in 2019.

"The uncertainty around US-China trade tensions, a Chinese economic slowdown and Brexit have all dampened regional sentiment for the next twelve months. While a deterioration in any of these situations could further impact sentiment, Asia remains one of the key growth engines of the world economy," says Holt.