Colombo to see second fastest growth in super rich after Vietnam: study

ECONOMYNEXT: Sri Lanka’s capital Colombo is likely to see a 160 percent growth in the super rich with more than US $ 30 million (Rs.45 billion) in personal wealth to 182 individuals over the next decade, the fastest after Vietnam’s Ho Chi Minh City, an international consultancy has said.

The 2016 Wealth Report by Knight Frank, a Uk-based property consultancy, said Sri Lanka had 3,400 dollar millionaires, 170 multi-millionaires (more than US $ 10 million) and 70 ultra high-networth individuals (UHNWIS) with more than US $ 30 million.

However, no dollar billionaires were listed as being resident in Sri Lanka.

Personal wealth is measured by liquid assets such as land, homes and stocks.

Only Ho Chi Minh City in Vietnam was expected to grow faster that Colombo, at 170 percent with 30 million dollar plus individuals growing to 243 by 2026, from 90 individuals in 2016.

Both cities however were growing from a relatively small base.

India’s Hyderabad, which had 260 ultra high-net-worth individuals, would also see a 160 percent growth to 676.

Mumbai, which had high property prices, would see a 150 percent growth in super rich to 3,350 in 10 years.

Shanghai in China would see the super rich growing 150 percent to 6,450 individuals from the current 6,450. Shenzen would also see a 150 percent growth to 1725 individuals from the current 690.

Hong Kong already had 4,080 super rich and would see them grow 40 percent to 5,712.

Singapore had 2,500 super rich individuals and was expected to grow 40 percent to 3,500.