Number of millionaires in S'pore up 4.5 per cent

The ranks of the wealthy in Singapore rose to a new high last year: 105,100.

The number refers to high net worth individuals, or people with investable assets of at least US$1 million (S$1.25m) excluding their homes. The figure jumped about 4.5 per cent or 4,600, according to the latest World Wealth Report by consulting firm Capgemini and Royal Bank of Canada, released yesterday.

The total amount of wealth held by Singaporeans jumped 6.8 per cent or US$33.5 billion to reach US$523 billion.

Across the Asia-Pacific region, the number of wealthy individuals surged 17.3 per cent to 4.32 million, making the region the world's second-largest population of millionaires, after the US.

Asia's growth in the number of wealthy individuals and total amount of wealth held outpaces America's.

The total amount of wealth held in the Asia-Pacific region was US$14.2 trillion, an increase of 18.2 per cent.

This article was first published on June 20, 2014.
Get The New Paper for more stories.