Nearly one in 20 Singaporeans will be a millionaire by 2017, according to new estimates, and the city-state will have the second highest density of millionaires in the world after Monaco, traditionally the European home of the super rich.
The number of dollar millionaires, defined as people with more than $1 million in investable assets, has doubled since 2008, according to the report by consultancy WealthInsight.
These 183,400 millionaires collectively owned $857 billion (€635 billion) in 2012, says the consultancy, equivalent to more than 85% of the individual wealth held in the country.
“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.”
WealthInsight has previously predicted that Singapore will overtake Switzerland as the world’s largest offshore private banking market by 2020.
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