26% of Malaysian UHNWIs consider leaving Malaysia

KUALA LUMPUR (March 15): About 26% of Malaysian ultra high net worth individuals (UHNWIs) are considering changing domiciles – the second highest rate in the world after China, at slightly over 30% – said Knight Frank Malaysia managing director Sarkunan Subramaniam.

He said the lack of opportunities in business and education could contribute to this figure, despite the government trying hard to improve these areas, he said at the launch of “The Wealth Report 2016” today.

“This trend will continue as Malaysians have become more and more international. Sometimes, it is possibly due to lack of opportunities here. Of course, our government is trying to improve [this situation] and this could be one of the push factors [to encourage Malaysians to remain in the country],” Sarkunan said.  

He said if Malaysia continues to be not as liberal – in terms of doing business – as it used to be, it could result in more Malaysians moving to other more liberal countries in the future.

He also noted that UHNWIs have a growing appetite for properties abroad, particularly in London, UK and Melbourne, Australia.

“Malaysians have become much more international today. Malaysian developers are also developing property projects overseas, so this is one of the reasons why Malaysians are buying property overseas (from local developers with projects abroad and to move out from Malaysia),” he said.

“However, I don’t think 26% of them seeking to change domicile is very significant in the global market,” he noted.  

As at last year, there were 993 UHNWIs in Malaysia, down by 15% from a year ago. 

The report defined a UHNWI as someone with a personal net worth of over US$30 million (RM124.3 million), excluding their primary residence.

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