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Number of millionaires in Singapore set to rise by 62% by 2025

This new study proves that the streets of Singapore really can be paved with gold

There is no doubting that when it comes to individual wealth, Singapore really leads the way with only a quick drive around the city looking at the magnificent houses and fast cars proves that although small, when it comes to financial clout, Singapore sure is mighty.

Well now, according to a new study by Credit Suisse Group, the number of millionaires in The Little Red Dot is set to rise by 62% by 2025 to a whopping 437,000. Currently Singapore’s millionaire density sits at 5.5% making it the second-highest in Asia, behind Hong Kong who sit at 8.3%. The study noted that the estimated growth rate would be higher than Hong Kong’s 60% estimated growth but slower than for mainland China, India, Australia, South Korea and Taiwan.

The report also showed that even in the midst of a global pandemic, nothing can slow Singapore’s wealth growth as total wealth grew to US$1.6trillion, up from US$1.5trillion in 2019.

When it comes to global millionaires, Singapore ranked an impressive 11th, with 1361 ultra-high-net-worth adults having a net worth more than US$50million  and looking further afield, the Asia-Pacific region had 15.6 million millionaires in 2020 – with that number set to rise to 26.7 million by 2025.