Asean: A frontier consumer market for wealth management

SOUTH-EAST Asia's economic boom is resulting in the emergence of a new middle class, heralding vast opportunities for global wealth management. Since the 1970s, growth in Asean had been primarily driven by exports and manufacturing. Today, the region is on its way to become one of the world's leading consumption hubs, fuelling demand for a variety of goods and services, including financial services.

We believe the 10-nation Asean's middle class will play an increasingly important role in the shift in the balance of global demand over the next few decades, opening up new and unprecedented opportunities for the region and the world.

With about 600 million people, Asean countries - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam - represent only half of India's population but collectively generate a larger gross domestic product (GDP). By 2020, Asean's GDP is expected to grow at an annual average of 6 per cent and reach US$4.7 trillion. Asean's middle-class population will double to 400 million by 2020 and account for more than US$2 trillion of…