17% increase of Singaporean HNWIs
One in 35 Singaporeans is a millionaire, thanks to its burgeoning financial markets and private banking, according to a WealthInsight report.
The intelligence firm found the number of Singaporean millionaires increased by 17 per cent over the past five years to 154,000 high-net-worth individuals (HNWIs), and will grow at 18.3 per cent in the next five years.
The HNWIs collectively hold US$806.3 billion ($1.14 trillion) in net wealth and WealthInsight forecasts the millionaire population to reach 188,000 in 2020.
According to WealthInsight's head, Oliver Williams: "Singapore's burgeoning financial markets, renowned private banking, and superior quality of life are continuing to attract HNWIs from neighbouring countries.
"We're currently seeing a large influx of Indian and Chinese millionaires into the country."
Williams noted while Hong Kong had a much higher millionaire population than Singapore (193,000 vs 154,000), recent events, such as the umbrella revolution, may have turned migratory HNWIs away from the city.
WealthInsight said Singapore's HNWIs had the lowest average wealth in Asia of US$5.2 million per HNWI, compared to Asia's highest, Indonesia, at US$6.5 million.
"Though seemingly small, the changes in average wealth are hugely reflective of the nation's equality," Williams said.
"The lower the average wealth of a country's HNWI population, the more evenly that wealth is distributed among others."
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