Asia-Pacific gaming markets see strong wealth performance: Report
Seven Asia-Pacific (APAC) economies have secured spots in the Top 25 rankings of the UBS Global Wealth Report 2025, underscoring their growing influence in global wealth generation. The report, which is now in its sixteenth edition, listed Hong Kong, Australia, Singapore, South Korea, and Japan, all of which have established and regulated gaming sectors.
The report offers a comprehensive examination of wealth creation and distribution across over 50 markets, utilising metrics such as total personal wealth, average wealth per adult, and median wealth. It defines wealth as the value of financial and tangible assets minus debts, excluding income, human capital, and government-owned assets. While the analysis does not isolate gaming or any other specific industry, the strong performance of several APAC countries with regulated gaming sectors suggests that diverse economic activities play a role in their wealth accumulation.
Moderate but consistent expansion in the region
According to the report, global wealth increased again in 2024, with North America leading the rebound due to strong equity markets and a stable US dollar. APAC recorded moderate but steady gains, with total household wealth rising by 1.6 percent and total personal wealth in USD increasing by 2.85 percent. UBS expects North America and Greater China to lead global wealth expansion in the next five years, with Southeast Asia also contributing to regional growth.
Among the APAC markets featured in the Top 25 for average wealth per adult, Hong Kong ranked 3rd globally at $601,195 and placed 4th in median wealth at $222,015. It is one of only four locations worldwide where more than one in ten adults is a US dollar millionaire, with 647,000 millionaires—nearly twice as many as in Singapore. Financial assets account for over two-thirds of Hong Kong’s gross wealth, and debt remains low, under 10 percent. Real wealth per adult in local currency grew by 1.5 percent in 2024. Hong Kong accounts for 0.8 percent of the personal wealth represented in the report’s sample.
Australia ranked 5th in average wealth per adult, at $516,640, and secured 2nd place globally for median wealth, at $268,424. Australia is among the countries where one in ten adults is a millionaire, with around two million in total. Real estate accounts for almost 53 percent of personal wealth—the highest share among the five benchmarked countries in the report—while cash and deposits comprise just over 10 percent. Real wealth per adult in local currency grew by over 3 percent in 2024. Australia maintains a well-regulated land-based and online gaming sector, contributing to its economic complexity.
Singapore ranked 7th in average wealth per adult, at $441,596, and 18th in median wealth, at $113,976. It is home to 331,000 millionaires and, like Hong Kong, has over two-thirds of its wealth in financial assets. It also has the highest proportion of wealth in insurance and pensions, at nearly one-third, a rise from 22 percent in 2000. Wealth per adult in local currency grew by more than 3 percent in 2024. Since 2020, average wealth has increased faster than median wealth, rising by 23 percent to 26.5 percent. Singapore operates a tightly regulated casino sector and is positioning itself as a digital gambling hub, further diversifying its economy.
New Zealand also appeared in the Top 25, ranking 8th in average wealth at $393,773 and 6th in median wealth at $207,707. Though its gaming market is smaller compared to others in the region, it remains legally regulated under national gambling laws.
Taiwan ranked 15th in average wealth per adult, at $312,075, and 17th in median wealth, at $114,871. The island has nearly 760,000 millionaires and a wealth structure dominated by financial assets, similar to those of Sweden and Israel. In 2024, real average wealth per adult grew by over 5 percent in local currency. Over five years, it has seen a 35 percent increase in average wealth per adult in real terms. Taiwan’s wealth growth has outpaced the median wealth gains, indicating an increasing concentration of assets. While casino gaming is banned, Taiwan has existing legal frameworks around limited forms of betting.
South Korea ranked 20th globally in both average wealth per adult, at $251,223, and median wealth per adult, at $104,067. The country is estimated to have between 1.2 and 1.4 million millionaires. In 2024, South Korea achieved a real growth rate of nearly 13 percent in average wealth per adult in local currency—the second-highest globally—and an almost 14 percent rise in median wealth. Over the past five years, average wealth per adult has increased 44 percent in real terms. South Korea regulates gaming through a monopoly casino system and a licensed online sports betting framework.
Japan ranked 24th in average wealth per adult, at $205,221, and 21st in median wealth, at $102,198. It has 2.73 million millionaires, the fourth-highest in absolute terms, behind the US, mainland China, and France. Financial assets make up more than two-thirds of total gross wealth, while real wealth per adult in local currency grew by 0.6 percent in 2024. However, the country recorded a decline of 33,000 millionaires—a 1.2 percent annual drop. Japan legalised integrated resorts in 2018, with Osaka currently developing its first licensed casino resort.
Broader wealth dynamics
The UBS Global Wealth Report 2025 reinforces that wealth growth is influenced by macroeconomic factors, including savings rates, real estate ownership, access to financial markets, and regulatory environments. UBS notes that the expansion of millionaire populations often moves independently from GDP growth and can be heavily influenced by asset price movements, innovation, and structural reforms.
