The number of half-billionaires in Singapore jumped 25% to 100 in 2017.
In 2022, the number is expected to leap by 10% to 110 individuals, according to Knight Frank’s wealth report. The number of individuals in Singapore with a net worth of over US$500m jumped 25% from 80 in 2016 to 100 in 2017.
The figure grew 11% between 2012 and 2017. In 2022, the number is expected to leap by 10% to 110 individuals.
But it is not just the super wealthy getting wealthier. Your standard rich guy who may not be able to afford Sentosa Cove but can live in Paya Lebar has also seen his or her wealth increase. The number of people with a net worth over US$5m grew by 19% from 18,480 in 2016 to 21,970 in 2017. In five years, the figure grew 5%. In 2022, the number is expected to rise by 10% to 24,420.
This is good news for Singapore’s private bankers to the wealthy. In May, we reported that Singapore banks popped the champagne on growing wealth management business, with UOB’s wealth management segment more than doubled since 2010. The recent performances of the three banking giants in Singapore have put a spotlight on wealth management as a new driver of growth for the industry.
According to BMI Research, wealth management has a considerable potential for growth and Singapore banks would continue to develop their expertise in this area as strong economic growth in Southeast Asia leads to increased demand for such products.
Read the full report here.
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