Bloomberg reported that banks are expecting the population of millionaires in the Philippines to grow at an annual rate of 10% over the next few years. One estimate has the population of High Net Worth Individuals, those with more than $5m, will grow by 80% over the next five years:
While still in its infancy, the Philippines’ luxury goods market is tipped to grow more than a third to almost $2 billion in the five years through 2022, according to Euromonitor International Plc.
Among the luxury goods are wares sold by auction houses like Salcedo which held its first sale under a tent in 2010 and now has five times the attendees at Manila’s Peninsula Hotel:
“We expect prices to go up as they do every auction,” Salcedo’s Lerma said. “The rich will spend to make every part of their life filled with joy.”