Nearly One in Every 20 Singaporeans Will be a Millionaire by 2017
According to global wealth consultancy WealthInsight, nearly one in every 20 Singaporeans will be a millionaire by 2017. The city-state will have the second highest density of millionaires in the world after Monaco.
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September 23, 2013 (www.investorideas.com newswire) A new report by WealthInsight reveals that the number of dollar millionaires in Singapore has practically doubled in size since 2008, giving the city-state a millionaire population of 183,400 in 2012. This segment of the population collectively holds US$857 billion, or 85.7% of the total individual wealth held in the country. Out of these millionaires, there were 3,870 multimillionaires (individuals with a net worth of over $30m) in 2012, with an average wealth of US $86m per person).
With dollar millionaires projected to grow at a rate of 59% between 2012 and 2017, Asia's Lion City is scheduled for a boom in wealth. This growth rate implies that Singapore 's millionaires will number over 291,000 by 2017, holding a total wealth of US$1.39 trillion. Most of this growth will come from Singapore 's financial services industry, which was the source of wealth for 22% of multimillionaires and 35.3% of millionaires in 2012, a 163% increase from 2008.
"The allure of Singapore to the newly wealthy families of China, India, Malaysia, Philippines and Indonesia is immense”, says Oliver Williams, an Analyst at WealthInsight. "As emerging Asia looks at economic uncertainty, the newly wealthy of this region will continue to flock to Singapore ”.
While Singapore has long been viewed as a financial hub of Asia, it has an additional appeal to wealthy families says Oliver Williams: "Singapore is becoming Asia's education hub as more and more international students enrol at its five public and more than fifteen private universities”. In 2005, Singapore hosted just over 70,000 international students, a figure which is expected to reach 150,000 by 2015.
For additional information, please see the attached white paper " Singapore : The Rise of the Lion City ”.
This information is based on findings from the WealthInsight report: 'Singapore 2013 Wealth Book', published in September 2013.
'Millionaires' otherwise known as 'high net worth individuals' or 'HNWIs' refer to individuals with net assets of US$1 million or more excluding their primary residences.
'Multi-millionaires' otherwise known as 'ultra high net worth individuals' or 'UHNWIs' are individuals with net assets of US$30 million or more excluding their primary residences.
'Assets under Management' is a financial term denoting the market value of all the funds being managed by a financial institution (a mutual fund, hedge fund, private equity firm, venture capital firm, or brokerage house) on behalf of its clients, investors, partners, depositors, etc.
WealthInsight provides detailed data and insightful analysis on the world's high-net-worth individuals (HNWI) and wealth sector. With decades of experience providing business information, WealthInsight helps organisations to make informed decisions and win new business.
At WealthInsight's core is our proprietary Dossier of the world's wealthiest individuals. Around this database we have built a number of valuable research-based products and services that make WealthInsight much more than just a rich contact list.
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