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(SPOT.ph) A report conducted by private Swiss banking group Julius Baer has predicted that there will be 38,164 millionares in the Philippines by 2015, reports ABS-CBN News. In its report, Julius Baer enumerated 11 Asian countries, including the Philippines, with the largest number of high net-worth individuals (HNI), with China leading the pack.
According to Reuters' report, China alone would hold half the millionaires in Asia with its combined wealth of $8.8 trillion. Currently, China has 502,000 million HNIs with investable assets totaling $2.6 trillion. India, on the other hand, would more than double its number of HNIs to 403,000 by 2015. Julius Baer predicted that these two countries would contribute over 40 percent of global economic growth for 2011 to 2012.
For more on this story, log on to ABS-CBN News and Reuters.