Malaysia's private banking industry is expected to remain stable over the next years on the back of a growing rich list, The Star Online reports.

CIMB Private Banking co-head Carolyn Leng told the newswire in an interview that the number of high net worth individuals, or those with at least $500,000 in investible assets, will likely rise by 30 per cent come 2012. Ms Leng reportedly attributes this increase to affluent investors' generally risk averse nature in an attempt to preserve their wealth.

"The ultra high net worth individuals are not badly afffected by the crisis because their wealth is far more substantitial," she was quoted to have said. "If they like a company, they would invest in big tranches like RM5 million worth of shares and sit on it for two to three years, patiently without bothering about the volatility."

CIMB expects around 70,000 Malaysian households to have over $500,000 in liquid assets by 2012, with the total value reaching approximately $73 billion. The bank classifies clients with at least RM50 million as high net worth and those with at least RM100 million as ultra high net worth. It currently has RM4.8 billion worth of assets under management.