In the next eight years, the number of millionaires in city-state as a share of its population will grow to surpass that of the United States, China or any other economy in the Asia Pacific region, said HSBC in a report.
The Republic, where 7.5% of the adult population had wealth of at least US$1mil in 2021, would see the share of millionaires rise to 9.8% in 2025, and then jump to 13.4% in 2030.
The study looks at resident population which comprises citizens and permanent residents.
To measure the wealth of the millionaires, HSBC said it used their cash in banks, investment in securities such as stocks and bonds.
It also includes real estate holdings, which includes owner-occupied properties, after deducting any outstanding mortgage amounts.The bank said that in Asia, Singapore is already second to only Australia, whose share of millionaires per population stood at 8% in 2021.
By 2030, Australia will drop to second place with 12.5% of the nation holding cash and assets of at least a million US dollars.
By that year, 11.1% of Hong Kong’s population will be millionaires, 9% for the United States, 7.2% for Japan and 4.4% for China.
Singapore’s share of residents with wealth of at least US$250,000 will rise to 67% by 2030, second to Australia’s 70.8% , said the report, titled “The rise of Asian wealth”. — The Straits Times/ANN