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Thailand has the third-highest number of UHNWIs—people with assets over $30 million—in Southeast Asia, just behind Singapore and Indonesia. That cohort is expected to increase by 14.7% by 2028, according to property consulting firm Knight Frank.

The UK (30.7%), Indonesia (28.9%), South Korea (28.3%), and Norway (21.4%) are the standouts besides China. The US will rank in the top 10 at 16.9% but won’t reach the 20% mark until 2029. The digital buyer total worldwide will reach a major milestone this year. More than 3 billion people will buy something online in 2025.

Amid global economic gloom, Asia-Pacific remains a region of digital opportunities in 2023, highlighted by the increasing momentum of the metaverse in China, surging retail sales in India, and burgeoning livestream commerce in Indonesia.

TikTok looks strong in Asia as it faces bans elsewhere: Countries including Indonesia, Vietnam, and Thailand fuel the app's growth in its home region.

With billions of potential users off-limits, TikTok’s user base could end up heavily weighted toward Brazil, Indonesia, and Mexico. Click here to view our full forecast for TikTok users, by country.

Top manufacturing destinations like Vietnam, Indonesia, and India have been hit hard by the reciprocal measures, which will have a considerable impact on the apparel, furniture, and toy industries, among many others. Tariffs on the US’ top 10 trading partners could result in an additional $439 billion in costs, according to an analysis by PwC.

Authorities in major emerging markets including Brazil, Indonesia, and South Africa have taken steps to protect local manufacturers and merchants. Established online retailers are fighting back against the new players. They are rolling out competing offerings, but striving for differentiation will be a more critical long-term play.