Number of ultra-rich Singapore residents to soar by 54% by 2024

Singapore has the highest UHNWI population growth rate.

There will be almost 5,000 ultra-high net worth individuals (UHNWIs) living in Singapore by the year 2024, Knight Frank’s Wealth Report 2015 showed today.

The study revealed that Singapore will have the steepest UHNWI population growth rate globally, with 1,752 UHNWIs expected to troop to the city-state within the next decade.

These individuals will add to Singapore’s current population of 3,227 UHNWIs.

“The geographic concentration of wealth remains a key trend – with 10% of all additional growth in UHNWIs taking place in just five cities – Singapore, Hong Kong, New York, London and Mumbai over the next decade,” said Liam Bailey, Global Head of Research at Knight Frank.