The number of millionaires in Asia is rapidly increasing, particularly due to the wealth accumulation in China. This economic growth could potentially propel Asia past North America in terms of millionaire population by the mid-2030s. This surge in wealth is directly influencing the luxury hotel market in Asia.
In 2023, 41% of global luxury hotel developments were located in Asia, with nearly half of these (43%) situated in China. This suggests a focused expansion of luxury accommodations catering to the growing affluent population. The luxury hotels being developed in Asia tend to be larger properties that are part of well-known chains and franchises. This trend reflects a broader industry preference in Asia for reputable, established luxury brands, which are trusted by Asian consumers.
Connect with Asia’s Luxury Travellers
Masscom Global utilizes data-driven insights to place your brand in front of Asia’s affluent travellers, enhancing visibility and engagement in the region’s most luxurious hotel destinations.
