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Southeast Asia, explained

World's biggest millionaire boom? It's in Indonesia

Total wealth of Asia's millionaries could exceed American GDP in just two years.
Indonesia millionaires 2012 09 28Enlarge
A street vendor pushes his cart past a luxury Ferrari sports car being delivered to the residence of a wealthy Indonesian resident at the affluent Menteng district in Jakarta on February 16, 2010. (ROMEO GACAD/AFP/Getty Images)

In discussing Asian giants with soaring economies, India and China often overshadow Indonesia, a Muslim-majority archipelago that holds the world's fourth-largest population.

Perhaps Indonesia deserves a closer look. According a new report from the Switzerland-based Julius Baer Group, Indonesia has the world's fastest-growing number of millionaires, known in financial market lingo as "high net worth individuals."

Is Indonesia on track to becoming a wealthy country in the near future? Heavens no. Half the population, according to the World Bank, is scraping by on $2 per day.

In other words, in Indonesia, you are more likely to encounter someone like this guy pushing a fruit cart than the person receiving that new Ferrari. That said, Indonesia could very well grow its stock of millionaires from 33,000 to a whopping 104,000 in just two years, according to the report.

China and India will still claim the Asia's largest stock of millionaires: the group anticipates China's number of millionaries nearly tripling to 1,370,000 and India's figure nearly doubling to 403,000. All told, if they report proves accurate, Asia's total number of millionaries will nearly break 3 million in the next two years. 

Their estimated total "stock of wealth": $16.7 trillion.

With a T.

That would exceed America's total GDP -- now at $15 trillion, according to the World Bank.

And now you know how that flashy Singaporean nightclub can get away with selling a $26,000 cocktail.

http://www.globalpost.com/globalpost-blogs/southeast-asia/indonesia-millionaires-wealth

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