New World Wealth firm based in South Africa recently examined and published this information on the top prospective markets for luxury brands worldwide.
These markets are not yet fully developed and still offer strong opportunities for growth, especially in the luxury and wealth management space.
Sri Lanka: Investor friendly, good educational standard and English speaking. Recently rated the safest country for women in Asia by the New World Wealth. The country should benefit from strong growth in the local technology, manufacturing, real estate and financial services sectors (10 year growth forecast: 140%).
Vietnam: Emerging manufacturing hub of Asia. Vietnam was the fastest growing wealth market in the world over the past decade and is expected to continue to grow strongly. It is expected that the Vietnam millionaire numbers will be boosted by strong growth in the local healthcare, manufacturing and financial services sectors (10 year growth forecast: 140%).
Mauritius: Relatively safe, business friendly and has low tax rates when compared to other African countries. Also a retirement hotspot for the wealthy. It is expected to benefit from strong growth in the local financial services sector (10 year growth forecast: 130%).
India: Large number of entrepreneurs, good educational system and English speaking. Strong growth forecast in the local financial services, IT, business process outsourcing, real estate, healthcare and media sectors (10 year growth forecast: 120%).
China: Moving away from being a component manufacturer towards finished products (example: Huawei). Expected to benefit from strong growth in the local hi-tech, financial services, media, entertainment and healthcare sectors (10 year growth forecast: 110%).
Cities to look out for:
- Colombo, Sri Lanka.
- Ho Chi Minh City, Vietnam.
- Hanoi, Vietnam.
- Port Louis, Mauritius.
- Grand Baie, Mauritius
- Pune, India.
- Hyderabad, India.
- Bangalore, India.
- Hangzhou, China.