High earners in emerging markets are saving over six times more than their British or American counterparts, according to a new study out this week from Standard Chartered.
The study found that the so-called emerging affluent in Asia and Africa plan to save as much as 30 per cent of their income in the next 12 months. According to the most-recent official statistics, the savings ratio in the UK and US is just under five per cent.
Standard Chartered polled 7,000 people in seven of its Asian and African markets -- Hong Kong, China, India, Indonesia, Nigeria and Singapore.
The banking giant also found that the “emerging affluent” are overwhelmingly confident about regional economies and their own financial prospects, despite global concerns over a downturn in emerging markets.
Three out of four people polled said they expected their home markets’ economy to grow in the next year.
Indians were the most-confident, with 95 per cent of respondents optimistic about their country’s
Eighty-seven per cent of all respondents said they believed they would achieve their “10-year wealth goal”, with rates of optimism especially high in Africa, with 100 per cent of Nigerians and nine in 10 Kenyans saying they would realise their goals.
Karen Fawcett, chief executive officer for retail banking at Standard Chartered, said: “Emerging affluent people in our markets have powerful confidence. At a time when many people are worried about the global economy, this study suggests it feels very different on the ground in Asia and Africa. These emerging affluent consumers are confident and ambitious, which supports the long-term outlook for growth in these markets.”