ECONOMY | Staff Reporter, Singapore

Number of Singapore's ultra-rich jumped 11.5% to 122 in 2017

Their wealth was driven by GDP growth, home price recovery, and national savings.

The number of high net worth individuals (HNWI) in Singapore jumped 11.5% from 109 in 2016 to 122 in 2017, consultancy firm Capgemini said. HNWI wealth grew as well by 12.8% from $761.24b (US$561.7b) to $858.42b (US$633.4b).

According to its World Wealth Report 2018, wealth drivers include GDP growth (+3.6% in 2017), the recovery of real estate prices which grew 1.1%, and national savings at 46.5%. Market cap also grew in 2017.

Capgemini did not identify inhibitors of HNWI wealth. It noted that MAS core inflation averaged around 1.5% in 2017 and is expected to reach the upper half level in the 1-2% range.

Moreover, the government spending on healthcare, security and other social schemes is expected to touch 3% of the GDP in the next decade as compared to 2.2% in 2017 and hence the government has decided to raise the taxes to meet the demands.

On a global scale, HNWI wealth breached the US$70t threshold for the first time. Registering its sixth consecutive year of gains, HNWI wealth grew 10.6%, making 2017 the second-fastest year of HNWI growth since 2011.

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