ECONOMY | Staff Reporter, Singapore

Crazy rich Singaporeans: 1 in 25 of Asia's ultra-wealthy call Singapore home

There are 1,400 individuals in Singapore with a net worth of over US$50m.

Singapore has tied with Chicago as the fifth wealthiest city in the world and is also the wealthiest city in Asia beating out Tokyo (8th) and Hong Kong (9th) in Knight Frank’s 2018 City Wealth Index.

The report noted that a 15% rise in Asia’s ultra-wealthy cadre took its population to 35,880. In China, the ultra-wealthy population will more than double in the next five years, according to Wealth-X. There will also be strong growth in Japan (+51%), India (+71%), Indonesia (+66%) and Malaysia (+65%).

Agathe L’Homme, Asian analyst at the Economist Intelligence Unit, added, “We have revised up our economic outlook for the region owing to a rosier Chinese growth forecast in the short term. Steady demand from final consumer markets and rising commodity prices will support exporting countries in the region, while expectations of a very gradual monetary tightening will underpin growth overall.”

Singapore is the top ninth in the world in terms of household wealth per adult, as average wealth rose from US$115,560 in 2000 to US$268,800 in 2017, Credit Suisse Research revealed, adding that Singapore also recorded median wealth per adult of US$108,900.

Read the full report here.

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