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Singaporeans among fastest to get rich

PropertyGuru

More than half (51 percent) of high-net-worth individuals (HNWIs) in Singapore became rich in less than 10 years, making them the world's fastest group to accumulate wealth, according to a report from Barclays.

Singapore also had the highest percentage of respondents (at 14 percent) who accumulated wealth in less than five years, cementing the city-state's position as the top 'get rich quick' centre.

On average, 26 percent of HNWIs across the globe achieved their net worth of at least US$1.5 million (S$1.9 million) in less than 10 years.

Singapore's super rich also bested respondents from Qatar, where 48 percent built up their wealth in less than 10 years, followed by the United Arab Emirates (UAE) with 32 percent and India at 30 percent. Completing the top five is China (27 percent) and Hong Kong at 16 percent.

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Meanwhile, HNWIs in Switzerland and the United States were the slowest, with less than 10 percent attaining their wealth in under 10 years.

Entitled "Origins and Legacy: The Changing Order of Wealth Creation," the Barclays report polled more than 2,000 HNWIs across the globe.

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg

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