The majority of Asian companies will be buying businesses in the next five years as their chief executives adapt to more affluent consumers and a rising middle class, according to JP Morgan's co-head of global mergers and acquisitions.

The US bank, which conducted a report based on 55 interviews with Asian companies between July and October this year, found that 88% of these businesses intended to acquire companies in the next five years, with just 10% of respondents saying that they were planning to sell.