The Standard Chartered Wealth Expectancy Report 2019 compiled by Standard Chartered, examines the saving behaviours and aspirations of 10,000 wealth creators across Asia, Africa and the Middle East. The report compares wealth creator's aspirations for retirement with the wealth they can expect to accumulate by the time they are 60. The results show 56% will fall short of their wealth aspirations by half or more.
As per the study, China's fast growing economy provides its rich people ample areas to invest to boost their wealth leading to the smallest gap in wealth expectancy. China's wealth creators on average will get $6,735 per month during their retirement which is in line with their current income. The study also shows that 92% of the China's wealth creators are happy with their quality of life and their current wealth.
Average monthly income of Hong Kong's wealth creators will be $3,827, which is much lesser than their expectations. Wealth creators of Hong Kong have high aspirations which they aim to fulfill through following the path of investments. The top goals of Hong Kong's wealth creators are saving for retirement, children's education funding, investing in real-estate and going on vacations. As per the study, to achieve them 47% of them invest in stocks, 59% keep their money in savings account and 45% invest through fixed deposits.
India, one of the most buoyant economies in the world, has an expanding class of wealthy to match. But the wealth expectancy gap for India's wealth creators is high. As per the report, only 32% will be able to meet half of their inspirational retirement fund. The average per month income post retirement will be only $1,332 which will not even last 10 years for the affluent people.
Kenya which is one of Africa's fastest growing economy has business oriented, aspirational and risk taking people. The average wealth of Kenya's wealth creator post retirement will be $2,220, which will last only 5-8 years post retirement. Half of them prefer to invest in real-estate as compared to 46% in fixed deposits.
Malaysia which has a well developed manufacturing industry and open trade policies is one of the richest economies in Southeast Asia. Average per month income of Malaysia's wealth creators will be $4,450 which is only slightly less than aspirations. 70% of Malaysians invest their money in savings account as compared to 42% in fixed deposits.
For Pakistan's wealth creators an average per month income post retirement will be $1,273 which is much lesser than their current income and their wealth aspirations. The top financial goals for Pakistan's wealth creators are children's education, financial support to parents and investing in real-estate.
Decades of fast growth has laid the foundation for Singapore's wealth creators. The average per month income post retirement will be $6,666 which is lesser than their current income and wealth aspirations. However this money will last Singapore's affluent between 16-19 years as per the study.
South Korea is one of the most advanced and tech-friendly economies of the world. It also has the world's oldest population with an average age of 42 years. As per the Standard Chartered wealth expectancy 2019 report, on average the wealth creators of South korea will earn $3,337 per month post retirement. This amount will only fund 7-16 years post retirement years.
In Taiwan, female wealth creators are more likely to meet their wealth aspirations as compared to their male counterparts. An average Taiwanese wealth creator will earn $1,894 per month post retirement which is also less than their wealth aspirations. The top financial goal for Taiwanese rich is to go on vacations, which is unlike any other geography studied in the report.