A new study revealed that China and Kenya are among those countries with the highest rate to create new millionaires within the next five years. The two countries held the same spot scoring an impressive 9.8 percent rate.
China and Kenya have beaten a number of rising economies on the list. Among those are Ukraine which scored 9.2 percent, the Philippines which scored 9.4 percent, and India which scored 9.7 percent. The list determines the pace at which each country is expected to create millionaires within the next five years.
While China and Kenya are on an impressive quartile, a number of countries have beaten them to some of the top spot. Poland scored a 10 percent rate, Vietnam scored 10.1 percent, while Bangladesh clocked in at 11.4 percent, and Egypt scored 12.5 percent. Topping the list is Nigeria which scored a staggering 16.3 percent.
The recent report supports the findings of Wealth-X, a global ultrahigh net worth intelligence and data company based in New York and London. According to Wealth-X's "World Ultra Wealth Report 2018," Kenya's number of ultra-rich grew by 11.7 percent in 2017. This puts the country ahead of well-established economies like Hong Kong, India, and even the United States. Wealth-X classifies the ultra-rich as people with net worth of more than $30 million.
Wealth-X's study is based on data taken from more than 540,000 high net worth individuals. These are individuals that have a net worth of at least $1 million and $30 million at most. Through the data gathered from the respondents, Wealth-X is able to make a forecast of its outlook regarding global wealth growth within the next five years. In making its forecasts, Wealth-X takes into account a number of factors including current wealth levels, anticipated future investment opportunities, and population growth estimates.
In a report published by the notable realtor Knight Frank, Kenya was able to create 180 new dollar millionaires in 2017 alone. During the same time, the country was also able to grow its number of people with net worth of more than $5 million to 1,290.
According to Wealth-X's study, Vietnam, Philippines, India, and Kenya have greatly benefited to their respective structural investments. On the other hand, Poland and Ukraine can attribute their recent growth to a significant boom in their tech industry.
As for China, the country has enjoyed quite an economic boom for quite some time already. People are starting to gain wealth thanks to the country's comprehensive national economic agenda.
