Malaysia has over 26,000 high net worth individuals (HNWIâ€™s) or millionaires according to WealthInsight.
It states that the HNWIs have a wealth standing at RM522 billion (US$151 billion).
The number of millionaires is expected to reach 30,054 by 2018, it adds.
Malaysiaâ€™s billionaire growth has also been large, with RM159 billion US$46 billion in 2013 Malaysian billionaires have 209 per cent more wealth than the entire millionaire population of Paraguay, it added.
The WealthInsight Intelligence Centre Data base is the leading resource of its kind. Compiled and curated by a team of expert research specialists, the database comprises dossiers on over 110 ,000 HNWIs from around the world.
The Intelligence Centre also includes tracking of wealth and liquidity events as they happen and detailed profiles of major private banks, wealth managers and family offices in each market.
WealthInsight also said that Malaysian wealth grew at the remarkable rate of 59.6 per cent between 2009 and 2013 and is expected to increase by a further 28 per cent to reach RM712 billion (US$206 billion) in 2018.
“Since becoming an Islamic banking hub, Malaysia has seen a large surge in investment to its shores, increasing by 52.6 per cent since 2008 to RM40.1 billion (US$11.6 billion),â€ said Tom Carlisle, analyst at WealthInsight.-NST