Almost 1 in 30 residents will be ultra-wealthy in five years.
Millionaires, or high net worth individuals (HNWIs), will grow at a faster rate in Singapore than in Hong Kong, according to a study by WealthInsight.
Singapore currently has 154,000 HNWIs that collectively hold US$806.3b in net wealth, reflecting a population growth of 17% from the 130,000 millionaires in the country in 2010. By 2020, Singapore HNWIs are expected to number 188,000- roughly 1 millionaire in 30 people. This reflects an 18.3% hike in the next half-decade, versus the expected 15.6% HNWI growth in Hong Kong.