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Sri Lankans’ private wealth grew by 20% in a year, up by 133% in a decade – AFRASIA BANK report

May, 22, 2018

The wealth of Billionaires, Millionaires and Mass Affluent (Those individuals with net assets of between US $ 100,000 and US $ 1 million) in Sri Lanka grew by 133% from 2007 in a decade and 20% in a year from last year, highlights the AFRASIA Bank, in its recent Global Wealth Migration Review.

The report highlights that the Global wealth rose by 12% in 2017 from US$192 trillion at the end of 2016 to US$215 trillion at the end of 2017. Accordingly Sri Lanka rank as the 6th best performing wealth market for 2016-2017 in the world with a similar rate reported in Mauritius, Poland and Vietnam; whilst India, Malta and China’s wealth grew by average 22% in a year.

The report said that global wealth has risen by 27% over the past 10 years from US $ 169 trillion at the end of 2007 to US $ 215 trillion at the end of 2017, assisted by strong wealth growth in Asia. The report said that the global wealth is expected to rise by 50% over the next decade, reaching $ 321 trillion by 2027.

“This will again be driven by strong growth in Asia” it added. Report points out that Sri Lanka has been identified as one of the fastest growth wealth markets going forward and a safe country, good educational standard and English speaking. It also notes that Sri Lanka should benefit from strong growth in the local technology, manufacturing, real estate, healthcare and financial services sectors.

Similar growth markets include India, Vietnam, China and Mauritius whilst the 10 wealthiest countries in the world by total wealth held were the US, China, Japan, the UK, Germany, India, France, Canada, Australia and Italy. It also pointed out that Australia’s high total wealth ranking is impressive when considering it only has 22 million people living there.