183,737 millionaires in Singapore, up 11%, Economy News & Top Stories


Those who may be considered "crazy rich" - ultra high net worth individuals who hold more than US$50 million (S$68.9 million) in wealth - number about 1,000 in Singapore, a 1.1 per cent increase, said Credit Suisse. This number has risen more than 146 per cent since 2000 and it is attributed to high savings, asset price increases and a rising exchange rate from 2005 to 2012.

Household wealth in the U.S.is continuing to see an "unbroken spell of wealth gains" but China has replaced Japan in second place in the world wealth hierarchy, according to Credit Suisse's latest report on global wealth. "These underlying factors appear to be waning, so it seems more likely that wealth inequality will fall in future rather than rise".

"The United States continued its unbroken spell of wealth gains since the global financial crisis, adding another $6 trillion to the stock of global wealth", Credit Suisse's annual report noted, saying that rising household wealth in the USA was "seemingly relentless".

The number of millionaires in Singapore increased by about 11.2 percent and the household wealth in the country rose by 7.4 percent.

The ranks of the rich here grew significantly a year ago, on the back of soaring asset markets, a new report said yesterday.

That works out to about $390,118 for each adult, the ninth-highest wealth per adult in the world.

Currency depreciation against the United States dollar also affected wealth trends in some major regional economies, such as Australia and India. "There is still considerable wealth poverty, reflected in the fact that 91 per cent of the adult population has wealth below $ 10,000 (around Rs 735,000)". But, over the past 12 months, non-financial assets grew by 4.3 per cent, accounting for all of the wealth growth in the country.

The composition of household wealth in Australia is heavily skewed towards non-financial assets, which averaged $US304,500 and form 60% of gross household assets.

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The average personal wealth per adult in India has risen by almost 300 per cent since 2000, but as much as 91 per cent continue to languish at the bottom of the pyramid with personal wealth of less than $10,000, according to the latest Credit Suisse report on global wealth.

Globally, the United States continues to lead the rich club for the 10th year in a row.

Global wealth grew by 4.6 per cent, or $14 trillion, to $317 trillion during the same period.

China has become the world's second-largest economy by GDP and has moved into second position based on total household wealth, replacing Japan.

A forecast made by Credit Suisse showed that Singapore's millionaires should grow by 5.5 percent per annum in the next five years to reach 239,640.

Non-financial assets were the main growth drivers in all regions except North America, and accounted for 75% of wealth growth in China and Europe, and 100% in India.

The report estimates that "women's share of global wealth is around 40 percent, while recent studies for the country indicate a significantly lower share ranging between 20 and 30 percent".

Emerging markets wealth will grow at a faster rate of 7.3 percent per annum and will be responsible for 32 percent of the growth, despite accounting for just 21 percent of the current wealth.

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