Luxury Society Article on Decoding Asia’s Era of Young Millionaires – By Amrita Banta
Decoding Asia’s Era of Young Millionaires
Taking a closer look at the coveted millionaire set, Agility Research & Strategy reveals insights from its freshly published HNWI Report on their appetite for luxury, as featured on the BBC’s Asia Business Report.
In 2015, the High Net-Worth Individual (HNWI) population of the Asia Pacific region surpassed that of North America. With Mainland China growing in wealth, and the US still dominating HNWI populations at a country level, these two markets will be an important target for premium brands and services over the coming years.
However, while HNWIs are different from their mass affluent fellow citizens, they also display unique characteristics when compared to their wealthy counterparts from across the Pacific. These differences play a significant role in the development of marketing plans for premium goods and services.
This is why winning brands should value the importance of identifying key differences across HNWIs from the US and key markets in Asia. It is against this backdrop that Agility Research & Strategy surveyed 415 millionaires in China, Hong Kong, Singapore and the US to produce the ‘Millionaire Report’, chronicling “Asia’s Era of Young Millionaires”.