Number of millionaires Malaysia 2014-2019

In 2019, there were around 20.45 thousand millionaires living in Malaysia. This figure is projected to increase to about 37.9 thousand in five years’ time. Should the Malaysian economy continue its less than robust growth, however, this figure might have to be revised.

A positive outlook for the wealthy in Malaysia

For both the high-net worth individuals and ultra-high net worth individuals (UNHWI) in Malaysia, 2019 was a good year. A majority of private bankers and wealth advisers in Malaysia reported increases in client wealth in that year, and most were optimistic that the global economy in that year was more conducive to preserving and growing their clients' wealth. However, the HNWIs and UNHWIs live a life far removed from the average Malaysian. In 2019, only 3.9 percent of adults in Malaysia have wealth exceeding 100 thousand U.S. dollars. By comparison, this figure was 49.4 percent in neighboring Singapore.

Excesses of the ultra-rich

In the past year, the Malaysian public has been exposed to the excesses of the rich and powerful through the 1MDB scandal. This saw the then Prime Minister Najib Razak being accused of embezzling from state funds. The media widely publicized the seizure of luxury handbags belonging to Najib’s wife, each of which costs was more than the average Malaysian’s monthly salary. The public’s distaste for Najib’s extravagant lifestyle was so apparent that when his election rival, Mahathir Mohd, was photographed wearing four-dollar sandals, his picture went viral on social media.

Number of millionaires in Malaysia from 2014 to 2019, with a forecast for 2024

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Release date




Survey time period

2014 to 2019

Supplementary notes


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