Malaysia’s high net worth individuals will reach 68,000 persons in 2015
KUALA LUMPUR: Malaysia’s high net worth individuals will more than double from its current 32,000 to 68,000 persons in 2015, with their net worth increasing from US$140 billion to US$330 billion.
Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said these remarkable numbers were a strong vote of confidence in the continued health and sustainability of Malaysia’s economic growth. He also said the country must develop its domestic investment management industry which could serve not only domestic wealth but also those from the Asia Pacific region.
Ahmad Husni added that the wealth management industry was the fastest growing financial services sector in Malaysia and Southeast Asia.
In this regard, the designation of 2013 as the Labuan International Business and Financial Centre’s (Labuan IBFC) management year was timely, he said at the launch of Labuan IBFC Wealth Management 2013 yesterday. He said the initiative would compliment the growth of the domestic investment management industry.
On a related matter, Ahmad Husni said Malaysia would be able to maintain high growth this year as it received a lot of investments.
“In terms of our gross domestic product the domestic consumption is actually very strong, the main source is actually from public investment, as well as, government investments.
“So looking forward, we are optimistic that we can maintain growth this year,” he said, adding that the government was cautiously optimistic that economic growth would hover between 4.5 per cent and five per cent. — Bernama
“Every time we give BR1M, BB1M, it creates a multiplier effect because if we give RM500, people will go to the shops to spend.
“For us it is good news. On all three counts – investment, consumption and trade – we have done very well. I think the growth this year should exceed five per cent and could even be better than last year,” he told reporters after handing over 1Malaysia Book Vouchers ( BB1M) worth RM250 to 25 Universiti Sains Malaysia ( USM) students here yesterday.
On Wednesday, Alliance Research reported Malaysia’s economy posted 6.4 per cent growth, the highest since the second quarter of 2010 despite the global economic uncertainties. The research house said the figure was higher than its own and the market’s projections of five per cent.
Nor Mohamed, who is also Tasek Gelugor MP, said the country’s economy was now at an encouraging level, enabling the government to continue various aid programmes to uplift the people’s standard of living.
“The economy is in good condition, and this gives us the opportunity and space to use more money from the strong economy, to provide aid to the people so they can live more comfortably,” he said.
He said it was not impossible for Malaysia to achieve developed nation status earlier if it could maintain GDP gowth of around 5.3 per cent over the next four years.