The Philippines is expected to become one of the top 10 fastest-growing high net worth countries in the next four years, a recent study revealed, joining the ranks of China and India.
The first Wealth-X High Net Worth (HNW) Handbook, which was released last January 16, revealed that the Philippines’ high net worth population is expected to grow by 9.4 percent by 2023. While the report did not specify the country’s base population of the affluent few, it showed that the country is expected to become the world's ninth fastest-growing home of the rich.
The country ranked just after China and Kenya which both tallied a 9.8 percent compound annual growth rate, and India, which had 9.7 percent.
The handbook defines “high net worth” individuals as those who have at least $1 million (P52.5 million) of net worth, while “ultra high net worth” individuals are those who have at least $20 million (P1 billion) to $30 million (P1.6 billion).
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The Philippine Trade & Investment Center in Taipei is the Commercial Affairs Section of the Manila Economic and Cultural Office and the representative office of the Philippine Department of Trade & Industry in Taiwan