Singapore markets closed
  • Straits Times Index

    3,157.05
    -2.21 (-0.07%)
     
  • Nikkei

    27,548.00
    +159.80 (+0.58%)
     
  • Hang Seng

    27,321.98
    -401.86 (-1.45%)
     
  • FTSE 100

    7,027.58
    +59.28 (+0.85%)
     
  • BTC-USD

    33,876.95
    +1,371.21 (+4.22%)
     
  • CMC Crypto 200

    786.33
    -7.40 (-0.93%)
     
  • S&P 500

    4,411.79
    +44.31 (+1.01%)
     
  • Dow

    35,061.55
    +238.20 (+0.68%)
     
  • Nasdaq

    14,836.99
    +152.39 (+1.04%)
     
  • Gold

    1,802.10
    -3.30 (-0.18%)
     
  • Crude Oil

    72.17
    +0.26 (+0.36%)
     
  • 10-Yr Bond

    1.2860
    +0.0210 (+1.66%)
     
  • FTSE Bursa Malaysia

    1,523.44
    -4.18 (-0.27%)
     
  • Jakarta Composite Index

    6,101.69
    -35.86 (-0.58%)
     
  • PSE Index

    6,520.74
    -55.88 (-0.85%)
     

Singapore’s millionaires count expected to surge 62% by 2025

·1-min read
Singapore, 16 January 2019 : Aerial view of Singapore financial building in Singapore central business district area
Singapore’s count of millionaires could increase by more than 60% over the five years from 2020 to 2025, according to Credit Suisse. (PHOTO: Getty Creative)

By Ameya Karve

(Bloomberg) — Singapore’s count of millionaires could increase by more than 60% over the five years from 2020 to 2025, according to Credit Suisse Group AG, part of a surge in millionaires expected in Asia as financial capitals emerge from the Covid-19 pandemic.

The city-state may have 437,000 millionaires by 2025 compared with 270,000 in 2020, according to the bank’s 2021 Global Wealth Report. That 62% pace would be faster than Hong Kong’s estimated 60% for the same period, but slower than the growth forecast in mainland China, India, Australia, South Korea and Taiwan.

Super Rich Choose Singapore as World’s Safest Haven

Singapore’s millionaire density — or percentage of millionaires in the total population — was 5.5% in 2020, the second-highest in Asia after Hong Kong’s 8.3%, the report said. The island nation’s Gini coefficient — a more broad-based measure of wealth inequality — was at 78.3 in 2020, much higher than Japan’s 64.4, South Korea’s 67.6 and Taiwan’s 70.8.

The wealth share of the top 1% in Singapore was almost 34% at the end of 2020, compared with 18% for Japan, 24% for South Korea and 28% for Taiwan. In a small country like Singapore, higher wealth inequality can result from an unrepresentative cluster of very high net-worth individuals, the report said.

© 2021 Bloomberg L.P.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting