There will be more ultra-rich Filipinos by 2022. The ultra rich individuals are not the ones who simply own 10 luxury cars, and several mansions like Manny Pacquiao.
Instead, there will be more Filipinos who will experience a global kind of wealth and a number of financial assets in different parts of the world. We are talking about ultra rich Filipinos who will have at least $50 million or 2.6 billion under their net assets.
In a data released in 2017 by Moola Forum only 310 people belong to the elite group in the Philippines , this was also affirmed by a global consultancy wealth report firm under Knight Frank. But the numbers have changed and there are now more ultra rich people in the Philippines. Most of whom are homegrown locals with a mixed race,and this number will double in 2022. This is the highest growth rate observed in the world, second to China.
According to the firm that released the data, there will be an 84 percent increase in the number of the ultra rich. This is the reason why luxury brands like Louis Vuitton and Chanel are already creating localized version of their products and partnering up with Filipino influencers and celebrities to market their products. In the past, Filipino elites had to go out of the country just to do their luxury shopping but this has started to change as the perception of luxury brands started to change for the Philippine market.
In the Wealth Report released in 2018, it is expected that there will be 570 Ultra High Net Worth individuals in 2022 in the Philippines alone. One of the main reasons why this was achieved was because of the bullish real estate industry and the strong macroeconomic fundamentals. It is also a result of the influx of Chinese investments into the Philippines as bolstered by the Belt and Road Initiative.
The growing number of middle class in the Philippines will exceed that of the spending power of Italy middle class by 2030. The Philippines growth is showing no signs of stopping and has inspired the creation of more luxury concierge services in Manila, Davao and Cebu to cater to the appetite and needs of the Filipino ultra rich.
The Philippines has a growing tech savvy population, an informed nation, and an exploding digital economy as sell as integrated regional trading network, fueling the emergence of wealthy Filipinos. Luxury brands are now encouraged to invest in the Philippines, and they are also going to tap into the power of the 67 million internet users in the Philippines when it comes to facilitating online businesses both online and abroad.
Luxury Gift Baskets now in Manila
The craving for elite products and luxury gourmet products including Chocolates and fine wine as well as truffles, caviar and champagne is at an all time high in the Philippines. Most Manila stores and shopping malls now carry the complete line of expensive chocolates from Baton Cookies, Potato Chip Chocolate, Nutty Bar Chocolate, Kosher Chocolates, and Marshmallow Chocolate.
The impressive appetite of Filipinos for all things luxury increased, leading to more offerings including the creation of luxury gifting services like Alta Gift Basket.
With Alta Gift Basket classic services Filipinos can now experience the finest luxury shopping lifestyle of corporate executives from top corporations of Metro Manila, wealthy entrepreneurs, high-net-worth individuals, members of the opulent Manila High Society, and all Asian-European Upper-Class families.
Alta Gift Baskets for Every Occasion:
Receive the luxury gift baskets from gorgeous basket bearers driven by sports cars lining up by the entrance of the wedding venue before presenting them to the newlyweds.
Ordered Alta Gift Baskets for a special someone having a luxury countryside vacation? Let the special someone receive the luxury gift baskets from gorgeous basket bearers piloted by choppers dispatched from the metropolis.
Our Luxury Concierge can even arrange a choir to perform while you’re eating and drinking the sumptuous chocolates and wine bottles of the luxury gift baskets.