17% of Singapore households are millionaires

SINGAPORE leads the world in terms of the proportion of households classed as millionaires after the ranks of the wealthy swelled again last year.

A new study has found that the number of households with investable assets of S$1.26mil (RM3.1mil) or more rose 14% to 188,000 last year. That means 17.1% of households – or one in six – are millionaires.

The findings come from management consultancy Boston Consulting Group (BCG) in its Global Wealth Report 2012, which does not include property and other non-financial assets.

In 2010, 165,000 households were classed as millionaires.

The latest jump comes even though the economy grew 4.9% last year, following a 14.8% surge in 2010.

BCG said the 17.1% figure was the “highest density” of millionaire households across all the 63 countries it surveyed.

Singapore came in 11th in terms of the absolute number of millionaire households.

That figure was definitely boosted by the appreciation of the Singapore dollar over the past few years, while wealth was generated by the strong growth in the property market, said Warren Lim, chief executive of Finexis Advisory.

He noted that households could have also made money last year if they caught the right timing in the stock market. — The Straits Times/Asia News Network

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