Bangladesh ranks 3rd among fastest growing countries with rich population: Report

Bangladesh has been ranked the 3rd fastest growing country in the world in terms of increasing number of rich people, according to a report.

The report, titled ‘High Net Worth Handbook 2019’ published by New York-based research firm Wealth-X on Wednesday, revealed that the country’s compound annual growth rate (CAGR) will rise by 11.4 per cent in the period of 2018-2023.

Apart from Bangladesh, only four other countries posted double digit growth in terms of their rich population.

Nigeria leads with 16.3% in the chart followed by Egypt (12.5%), Bangladesh (11.4%), Vietnam (10.1%), Poland (10.0%), China (9.8%), Kenya (9.8%), India (9.7%), the Philippines (9.4%) and Ukraine (9.2%).

This means growth of high net worth (HNW) population will rise in the next five years, the report revealed.

However, in its earlier report published in September last year, the Wealth-X put Bangladesh on top of the list of the countries that saw the quickest growth in the number of UHNW population with a 17.3 percent growth during the 2012-17 period.

Meanwhile, the world’s HNW population rose by 1.9 percent to 22.4 million people in 2018, an increment below the rate of global economic growth, the report said.

Their combined wealth also grew by 1.8 percent to $61.3 trillion, it added.

In terms of concentration of UHNW population, the top 10 countries are: US (8.68m), China (1.88m), Japan (1.62m), Germany (1.02m), UK (893,905), France (877,380), Canada (505,010), South Korea (476,705), Australia (473,600) and Italy (418,090).