KUALA LUMPUR, Dec 9 — Malaysia’s largest city Kuala Lumpur has the highest number of millionaires (denominated in US dollars) surpassing all other cities of the world, according to a report by international wealth research group WealthInsight.
The city had 13,800 millionaires or high net worth individuals (HNWIs) in 2013, higher than Abu Dhabi’s 12,500, Cape Town’s 8,753 or Birmingham’s 8,736, WealthInsight said.
The number of millionaires concentrated in Kuala Lumpur gives an indicator of Malaysia’s fast-growing wealth at the top end but also suggests an increasing gap between the richest and the rest of the population.
Average annual income in the country stands around RM20,000 and minimum wage weighs in at RM900 a month.
WealthInsight predicted that Malaysia’s number of millionaires will jump from over 26,000 last year to 30,054 in just four years, with total Malaysian wealth also projected to increase from US$151 billion (RM527 billion) to US$206 billion (RM719 billion) in the same period.
“Malaysian wealth grew at the remarkable rate of 59.6 per cent between 2009 and 2013 and is expected to increase by a further 28% to reach US$206 billion in 2018,” said the group which claims to have a detailed database on the rich and an international-based team of over 500 economists, analysts and researchers.
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