With the predicted growth of a wealthy population in Indonesia in the next three years, including those with liquid assets of between $50,000 and $1 million and high net worth individuals (HNWI) with holdings of over $1 million, this could be a great opportunity for wealth managers.

This is according to research by GlobalData, a data and analytics firm. It’s report , ‘Indonesia Wealth Management: Opportunities and Risks to 2022,’ reveals that the number of affluent individuals recorded an average annual growth rate of 7.3 percent between 2014 and 2018, rising from 943,370 in 2014 to 1.3 million in 2018.

The number is expected to grow by 26 percent from 1.3 million in 2018 to 1.6 million in 2022

Shivani Gupta, wealth analyst at GlobalData, said: “The growth will be driven by infrastructure expansion, rising working population and the government’s regulatory reforms aimed at boosting investments.”

The growth in the number of HNWI individuals is expected to record an average annual growth rate of 7.7 percent over the next four years.

According to GlobalData, growth will be particularly pronounced in the higher wealth bands, with the number of investors with liquid assets of between $3 milion and10 million and over $10 million predicted to rise at an average annual growth rate of 10.1 percent and 9.3 percent, respectively, depicting the striking wealth inequality that is present in the country.

Ms Gupta added: “Increasing employment levels and strong predicted retail investment growth will further push the rise of affluent individuals in Indonesia over the next four years.”

Indonesia is part of the ASEAN economic block and has seen an uptick in manufacturing in recent years as China has rotated its economy out of being a manufacturing hub. The country is also rich in natural resources therefore has significant attributes to secure its rise among countries with growing wealthy citizens.