One in 35 Singaporeans is a millionaire
by Clarabelle Gerard
ONE in 35 Singaporeans is a millionaire. That is, if you believe the findings of a new report released on Tuesday by WealthInsight, a research consultancy. The report took its findings from surveying a database of over 60,000 high-net-worth-individuals (HNWI), and it offers an evaluation of the local wealth management market, as well as insights into the drivers of HNWI wealth. It also analysed figures that were collated from 2010 to 2014 to forecast wealth trends in Singapore in 2019.
We wanted to look more deeply into the report but alas, found that it would cost us S$7,087.90 to gain complete access to it. Since we’re no millionaires ourselves, here are a few key highlights of the report we pulled together from the news, as well as what was published on WealthInsight’s website.
Here are five things you might be interested to know about the millionaires in Singapore.
1. He is, on average, less rich than his millionaire friends in the region.
The Singaporean millionaire has the lowest average wealth compared to other millionaires in Asia. His average wealth of US$5.2million (S$7,364,864) is less than the average millionaire from Indonesia, who has an average wealth of US$6.5million (S$9,213,002). Millionaires in Indonesia are shown to have the highest average wealth.
2. He probably keeps most of his assets in the United States.
Millionaires, including the Singaporean millionaire, are estimated to increase their amount of investment in the US as a result of growing investor confidence within the country. By 2019, the US is predicted to hold at least 58.6 per cent of foreign millionaires’ assets.
Besides, the report also shows a sharp increase in the volume of assets Singaporean millionaires have left in the US – a steep increase from 16.7 per cent in 2010 to 42 per cent in 2014.
3. Apart from the US, he likely keeps his assets in Europe and Asia.
The Singaporean millionaire probably holds some of his assets in countries outside his homeland – apart from the US, that is. The report shows that about 35 per cent of assets belonging to Singaporean millionaires are expected to be held in countries outside Singapore by 2019.
Besides the US, which was shown to hold 42 per cent of Singaporean millionaires’ assets in 2014, other countries were also seen to hold the millionaires’ assets, with Europe accountable for 32.4 per cent, Asia-Pacific for 15.5 per cent, the Middle East for 4.9 per cent, Latin America for 4.1 per cent and Africa for 1.2 per cent of their assets.
It might be worth noting that Singaporean millionaires hold much less wealth – 33.6 per cent of their wealth – outside of their home as compared to the worldwide average of 2030 per cent.
4. He’s probably not born in Singapore.
The Singaporean millionaire may, more likely than not, find that other millionaires around him have relocated to Singapore from around the world. Singapore continues to attract more millionaires as it sees a large inflow of millionaires from India and China streaming into the country.
Apart from the wealthy in China and India, millionaires from other countries are also choosing Singapore as an ideal destination to relocate to – even celebrities like Facebook co-founder, Eduardo Saverin, who moved to Singapore in 2009, and US hedge fund billionaire, Jim Rogers, who moved here in 2007.
5. He might find that being a millionaire just isn’t that exclusive anymore.
The volume of millionaires in Singapore has significantly risen and the Singaporean millionaire might find more millionaires around him in the time to come. Singapore now has 154,000 millionaires – a number which has been rising from 130,000 in 2010, when we were already the tenth-ranked city globally with the most number of millionaires.
And, the millionaire population is expected to continue rising to reach 188,000 in 2020.
With the millionaire population increasing in numbers, the wealth of Singaporean millionaires is also projected to increase by 27.6 per cent in 2019.
Featured image by Akiru.
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