, 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.

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!

Get Singapore Business Review in your inbox
It will apply to vaccines administered in Singapore under SAR.
Its startups may now receive up to US$250,000 investment.
The Lion City also has the highest insurance penetration amongst the six markets at 5.9%.
The bank will anchor up to US$200m or 40% of the fund size, whichever is lower.
A wholly-owned subsidiary of WeWork is occupying 56,977 sq ft of Prime’s California property.
The jobless rate during the quarter also eased, but remained elevated.
The notes are expected to be issued on June 23rd.
Its IP coverage for vaccine complications now include those approved by WHO under EUL.
The Lion City ranks 13th most expensive location for expatriates in the world.
Due to construction delays, buyers may prefer "ready-to-move-in" properties.
Wilmar International saw the sharpest decline during Thursday's trading, with a 1.52% drop.
Its skilled talent pool, logistical network, government funding and physical infrastructure helped it maintain its competitive position as a biomedical hub.
Singapore millennials were found to be more stressed than the global average.
Almost four-fifths (76%) of Singaporean consumers are not satisfied with generic credit offers from their banks, with 24% willing to offer more information in exchange for better rates or lower fees, a FICO study revealed.