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Economy

Indonesia to outpace China in rise of crazy rich as COVID abates

Report says vaccine-fueled economic recovery will deepen pockets of superwealthy

SINGAPORE -- Indonesia is projected to outpace China when it comes to the growth rate of the superwealthy set, as rollouts of COVID-19 vaccines support economic recoveries.

London-based consultancy Knight Frank's forthcoming Wealth Report 2021, to be officially released next Tuesday, shows Southeast Asia's largest economy is expected to see a 67% annual rise in the number of people becoming ultra-high-net-worth individuals over the five years through 2025. The report sets the bar at $30 million, including the value of one's primary residence.

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