In this article, we will discuss the 20 wealthiest countries in Asia. If you want to skip the detailed analysis of the wealthiest Asian countries, click 5 Wealthiest Countries in Asia.
Asia’s Wealth and Economy
Global wealth consists of all the assets including monetary assets and non-financial assets in all areas of the world. According to Credit Suisse’s Global Wealth Report 2023, Asia is the wealthiest continent with a total wealth reported at around $177.82 trillion, including India and China, as of 2022. China alone had a total wealth of almost $84.48 trillion in 2022. The average wealth per adult in Asia-Pacific was $61,154, while China and India had a wealth per adult of $75,731 and $16,500 in 2022, respectively. Asia accounted for almost 39% of the total global wealth in 2022. The average growth rate of wealth per adult between 2000 and 2022 in Asia-Pacific was 4.06%, while it was 12.21% and 7.49% in China and India, respectively. Comparatively, the global average wealth per adult growth rate in the same period was 4.86%.
Some of the richest countries in Asia are also some of the wealthiest countries in the world. China, Japan, and India rank among the countries that have the highest share of global wealth. China’s global wealth share was around 18.6% and Japan’s global wealth share was 5% in 2022. China and India have experienced the highest average increase in the share of the top 1% between 2000 and 2022. The average growth rate of the share of the top 1% in China and India was 1.92% and 0.89%, respectively. The average growth rate of the share of the top 1% in North America stood at a mere 0.12% during the same period.
In 2022, there were almost 9.76 million millionaires, while China and India had 6.23 million and 849,000 millionaires. Asia has seen a rise in the number of billionaires as well. Mumbai has emerged as the third-largest city with the highest number of billionaires at 92, surpassing Beijing with 91, as per Hurun Research’s 2024 Global Rich List. Other cities including Shanghai, Shenzhen, Hong Kong, and New Delhi are among the leading cities with the most number of billionaires in 2024. Shanghai has 87, Shenzhen has 84, Hong Kong has 65, and New Delhi has 57 billionaires.
The increase in wealth in Asian countries over the years has been driven by improving economic conditions across developing countries. In Asia and the Pacific, economic activity outperformed expectations in the second half of 2023, as per the IMF’s regional outlook. The region experienced an economic growth of 5% in 2023, a 0.4% improvement from the IMF’s October 2023 forecast. Bangladesh, India, and the Philippines stand out with the economic growth and are on track to record growth rates of 5.7%, 6.8%, and 6.2% in 2024. In 2025, these countries are projected to grow further at 6.6%, 6.5%, and 6.2%, respectively. Other major economies including Japan, Indonesia, Taiwan, Hong Kong, and Singapore are all on track for positive growth in 2024 and 2025. These countries are also some of the wealthiest countries by per capita net worth.
Big Players in Asian Markets
Tata Consultancy Services Limited (NSE:TCS), BYD Company Limited (OTC:BYDDF), and Toyota Motor Corporation (NYSE:TM) are the top companies based out of some of the largest economies in Asia.
Tata Consultancy Services Limited (NSE:TCS) is one of the top Indian multinational information technology services and consulting firms, part of the Tata Group. On April 24, Tata Consultancy Services Limited (NSE:TCS) announced that it has partnered with Amazon Web Services (AWS) to enhance and accelerate its customers’ cloud transformation journey. This strategic collaboration with AWS will allow Tata Consultancy Services Limited (NSE:TCS) to support full-stack digital transformation of its customers via generative AI and data solutions on AWS.
BYD Company Limited (OTC:BYDDF) is one of the leading EV manufacturers in the world. On March 22, BYD Company Limited (OTC:BYDDF) reported that it has begun the sales of BYD passenger cars in the Greek market. BYD Company Limited (OTC:BYDDF) has partnered with Greek dealer Sfakianakis Group to sell BYD cars. It is another big achievement for the Chinese EV maker in the European market, representing its first national launch of 2024. BYD Company Limited (OTC:BYDDF) will initially distribute its first two models including the BYD ATTO 3 (C-SUV) and the BYD SEAL (D-Sedan).
Toyota Motor Corporation (NYSE:TM) is another leading car manufacturer based out of Japan. On May 8, Toyota Motor Corporation (NYSE:TM) shared its results for the financial year 2024. The company posted a total revenue of ¥49.50 trillion in FY2024, an increase of ¥7.94 trillion year-over-year. The net income was recorded at around ¥4.94 trillion, a rise of ¥2.49 trillion year-over-year. Here is what the president of the company, Koji Sato, said:
“Desiring to create today how we will work 10 years from now, we will strive to generate reserve capacity to ensure thorough safety and quality and firmly endeavor to develop a skilled workforce by improving individual skills based on job descriptions. This fiscal year, in addition to our 1.7 trillion yen investment in growth areas, we plan to dedicate 380 billion yen to such investment in human resources to strengthen our work foundation and to change how we work, together with our suppliers and dealers. I have shared with you our thoughts and priority themes for the current fiscal year.”
Companies are the backbone of economic liberty and help in creating investment and job opportunities. Asian multinationals have proven their global dominance across numerous industries. With this context, let’s take a look at the 20 wealthiest countries in Asia.
20 Wealthiest Countries in Asia
Our Methodology
To compile or list the wealthiest countries in Asia, we analyzed data from Credit Suisse’s Global Wealth Databook 2022. Credit Suisse’s database calculates the wealth per adult of countries. We shortlisted the top countries with the highest wealth per adult in 2021 and ranked the list in ascending order of this metric. We have also mentioned the total wealth of the countries. Wealth per adult or per capita provides insight into a country’s economic health and wealth distribution.
Note: We have excluded Israel from our list due to the war situation and uncertainty in the region for almost the past eight months now.
20 Wealthiest Countries in Asia
20. Sri Lanka
Wealth Per Adult (2021): $27,040
Sri Lanka’s economy is forecasted to experience a moderate growth of 2.2% in 2024 after suffering from default on its debt in 2022. Sri Lanka had a wealth per adult of $27,040 in 2021 and ranks 20th among the wealthiest countries in Asia.
19. Malaysia
Wealth Per Adult (2021): $27,078
Malaysia is one of the largest economies in the world with a total assets of around $615 billion, as of 2021. Malaysia’s economy is backed by manufacturing and tourism, among others.
18. Jordan
Wealth Per Adult (2021): $30,814
Jordan had a wealth per adult of $30,814 and a total wealth of $184 billion in 2021. Jordan has grown at an average rate of 2.5% over the past decade despite regional instability and global crises, as per the World Bank. Jordan ranks 18th among the wealthiest countries in Asia.
17. Russia
Wealth Per Adult (2021): $34,005
Russia has one of the strongest economies as it boosts large natural resources of oil and gas. Russia had a total wealth of around $3.79 trillion in 2021. Russia is one of the wealthiest countries in Asia in 2024.
16. Iran
Wealth Per Adult (2021): $39,093
Iran has grown into a regional power despite US sanctions. Iran had a wealth per adult of $39,093 in 2021 and ranks 16th among the wealthiest countries in Asia.
15. Oman
Wealth Per Adult (2021): $40,962
Oman’s economy continues to perform well, backed by favorable oil prices and an economic diversification program which is part of the country’s Vision 2040. Oman had a total wealth of around $156 billion in 2021.
14. Kazakhstan
Wealth Per Adult (2021): $42,559
In the 21st century, Kazakhstan has seen remarkable economic growth driven by strong foreign direct investment, market-oriented reforms, and abundant mineral resource extraction. Kazakhstan had a total wealth of $523 billion in 2021 and ranks among the wealthiest countries in Asia.
13. Brunei
Wealth Per Adult (2021): $57,419
Brunei is a small and wealthy country. In 2021, Brunei had a total wealth of $18 billion and a wealth per adult of $57,419.
12. Lebanon
Wealth Per Adult (2021): $75,734
Lebanon has been suffering from economic crisis and regional conflicts for the past few years. However, Lebanon has some rich families and had a total wealth of almost $345 billion in 2021. Lebanon ranks 12th among the wealthiest countries in Asia.
11. China
Wealth Per Adult (2021): $76,639
China is an economic power and is in a race to surpass the US. China had a total wealth of $85.10 trillion and a wealth per adult of $76,639 in 2021.
10. Saudi Arabia
Wealth Per Adult (2021): $84,407
Saudi Arabia ranks 10th among the wealthiest countries in Asia. Saudi Arabia’s economy is backed by its oil resources and now the country is making large-scale investments in different sectors including real estate, sports, and tourism, among others.
9. Bahrain
Wealth Per Adult (2021): $98,031
Bahrain is a small island country and had a total wealth of $132 billion in 2021. Bahrain’s wealth per adult stood at $98,031 in 2021.
8. United Arab Emirates
Wealth Per Adult (2021): $122,841
The United Arab Emirates is one of the largest economies in the Middle East, backed by its natural resources and real estate market. The United Arab Emirates had a wealth per adult of $122,841 in 2021 and ranks eighth among the wealthiest countries in Asia.
7. Kuwait
Wealth Per Adult (2021): $171,348
Kuwait is one of the smallest countries with one of the strongest economies in the world. In 2021, Kuwait had a total wealth of around $545 billion.
6. Qatar
Wealth Per Adult (2021): $183,106
Qatar is one of the richest countries in the world backed by rich natural resources. Qatar had a wealth per adult of $183,106 in 2021 and ranks sixth among the wealthiest countries in Asia.
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Disclosure: None. 20 Wealthiest Countries in Asia is originally published on Insider Monkey.