By 2020, 1 in 30 Singapore residents will be millionaires.
According to a study by WealthInsight:
- Singapore will outpace Hong Kong in the rate of churning out HNWIs (high net worth individuals).
- Currently, Singapore 154,000 millionaires (HNWIs) collectively hold US$806.3b in net wealth.
- By 2020, the number of HNWIs in Singapore are expected to rise to 188,000 - ie. about 1 in 30 residents will be a millionaire.
- In Singapore the number of HNWIs has climbed from 130,000 millionaires in 2010 to 154,000 millionaires in 2015 – growing by 17%.
By 2020, Singapore is expected to hit 188,000 millionaires, hiking 18.3% in the next 5 years against 15.6% HNWI growth in Hong Kong.
As economic growth powerhouses, both Singapore and Hong Kong are home to many successful businessmen and wealthy people. But what maybe turning the tide in Singapore’s favour could be the recent event in Hong Kong.
Oliver Williams, head of WealthInsight is quoted as saying:
“Though Hong Kong has a much higher millionaire population than Singapore (193,000 against Singapore’s 154,000), recent events such as the umbrella revolution may have turned migratory HNWIs away from the city.”
“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.”
According to the study, in terms of wealth distribution, Singapore currently holds the lowest HNWI average in all of Asia, with average wealth standing at US$5.2m per HNWI.