Approximately one in every 30 Singaporeans is currently a dollar millionaire. The city-state will have the second highest density of millionaires in the world after Monaco by 2017
A new report by WealthInsight reveals that the number of dollar millionaires in Singapore has practically doubled in size since 2008, giving the city-state a millionaire population of 183,400 in 2012.
This segment of the population collectively holds US$857 billion, or 85.7% of the total individual wealth held in the country. Out of these millionaires, there were 3,870 multimillionaires (individuals with a net worth of over $30m) in 2012, with an average wealth of US $86m per person).
A Typical Singaporean Millionaire
Age: 66 – Singapore has the third oldest age of millionaires in the world.
Gender: Male – 83.7% of multimillionaires in Singapore.
Net Worth: $86 Million
Source of Wealth: Earned – 47.6% of Singaporean multimillionaires earned their wealth, 35.7% are entrepreneurs
Industry: Financial Services – 22.9% of Singaporean multimillionaires made their money from financial services.
“ The number of dollar millionaires in Singapore has practically doubled in size since 2008 ”
Singapore has the second highest millionaire population density in the world, after Monaco. Currently, approximately one in every 30 Singaporeans is a dollar millionaire.
The total number of millionaires in Singapore is forecast to grow by 59% to reach over 291,000 in 2017. By this estimate, and an annual population growth of 5.9%1, by 2017 roughly one in every 20 Singaporeans will be a millionaire.
Singapore is the fastest growing wealth hub in the world with Assets under Management of US$1.29 trillion. WealthInsight expects Singapore to overtake Switzerland by 2020 to become the largest global offshore wealth centre ranked by Assets under Management.
“The rise of Singapore as a wealth centre is a result of the burgeoning Asian wealth surrounding the island city state”, explains Oliver Williams, an Analyst at WealthInsight.
“This is apparent when you look at where the money is held – Singaporean millionaires hold 40.8% of their foreign assets in the Asia-Pacific region”.
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