, Singapore

Singapore’s ultra-rich population up 6.9% in 2022 despite a global decline

It is seen to grow by 17.7% to around 5,300 from 2022 to 2027.

The Lion City’s ultra-high-net-worth individuals (UHNWIs) population roared by 6.9% to 4,498 in 2022 from 4,206 in 2021, Knight Frank said in its study.

In its report, the global UHNWI population fell 3.8% in 2022 compared to a climb of 9.3% in the year before.

But Singapore’s ultra-wealthy population is seen to grow by 17.7% to 5,300 from 2022 to 2027.

Three of Asia's top 10 fastest-growing UHNW markets were Malaysia, Indonesia, and Singapore, which saw their wealth populations expand by 7.0 - 9.0%.

In the next five years, Knight Frank sees that the worldwide UNHW population will expand by 28.5% to almost 744,000.

Nicholas Keong, head of the private office in Knight Frank Singapore said Singapore’s strategic geographical location as the gateway to cities in the Asia-Pacific and the availability of modern infrastructure led to a concentration of wealth and a growing ultra-rich population seeking stability amidst uncertain economic conditions.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Singapore net inflows hit $263.18m in 3Q23
Equity and fixed-income funds reported inflows during the quarter.
OCBC enables customers to lock money in their accounts
Locked funds cannot be used for payments, investments, and ATM withdrawals.


Italy brings its strong suits to Singapore’s fintech expo
Italian trade executive says 9 firms at the Singapore Fintech Festival 2023 exemplify the diverse range of products and expertise Italy can bring to the table.
Trust Bank sets the bar for digital banking in Asia Pacific
The digital bank targets to be Singapore's fourth largest retail bank, CEO Dwaipayan Sadhu said.
How brands can avoid inauthentic nostalgia marketing
A GlobalData expert flag inauthenticity in using throwback marketing and cite brand campaigns that are winning hearts.