There are almost 200,000 millionaires in Singapore – around a thousand with over S$60 million

The number of millionaires in Singapore has increased.
Singapore Press Holdings

There has been a rapid increase in the number of millionaires in Singapore, a new report said.

According to Credit Suisse Research Institute’s 2018 Global Wealth Report released on Thursday (Oct 18), there are 183,737 millionaires here, a growth of 11.2 per cent from mid-2017 to mid-2018.

The Credit Suisse Research Institute predicted that the number will grow 5.5 per cent a year to reach 239,640 by 2030.

Credit Suisse added that in Singapore, there are around 1,000 ultra high net worth individuals who hold more than S$68.9 million (US$50 million) in wealth, a 1.1 per cent increase in the 12-month period.

It also noted that household wealth in Singapore grew strongly at 7.4 per cent to around $1.79 trillion.

That works out to about $390,118 for each adult, the ninth-highest wealth per adult in the world. This number has risen more than 146 per cent since 2000 and it is attributed to high savings, asset price increases and a rising exchange rate from 2005 to 2012.

Financial assets make up 55 per cent of gross household wealth in Singapore, a ratio similar to that of Switzerland, the richest per capita economy.

Credit Suisse added that Singapore has an average debt of $73,063, equal to 16 per cent of total assets, which is moderate for a high-wealth country.

Globally, aggregate wealth rose 4.6 per cent to US$317 trillion from mid-2017 to mid-2018. The United States was the biggest contributor to global wealth, adding US$6.3 trillion. Its total wealth now stands at US$98 trillion.

China had the second-largest household wealth after adding US$2.3 trillion to reach US$52 trillion. The country’s wealth is projected to grow another US$23 trillion in the next five years to comprise 19 per cent of total global wealth by 2023.

Non-financial assets were the main growth drivers in all regions except North America, and accounted for 75 per cent of wealth growth in China and Europe, and 100 per cent in India.