Singapore’s population of millionaires increased by 4.5% in 2013, despite the skyrocketing costs of living and the tag of being the world’s most expensive city.
According to the World Wealth Report released by Capgemini and RBC Wealth Management, Singapore now ranks 25th in the world when it comes to the number of people with net worth more than US$1 million.
Singapore’s High Net Worth (HNW) population increased from 91,150 in 2012 to 105,000 in 2013, while the combined wealth of these individuals increased by 6.8% to US$ 523 billion.
With the latest figures, Singapore looks set to retain its number three position for having the most millionaires per capita, only behind Qatar and Switzerland.
The HNW population in Asia-Pacific recorded the biggest increase in 2013, growing 17.3% from 3.68 million to reach 4.32 million. The combined wealth of individuals in the region increased to US$ 14.2 trillion, making Asia-Pacific the second wealthiest region behind North America.
Globally, the number of High Net Worth Individuals (HNWI) grew by almost 14% and their wealth reached a second-consecutive record high of US$ 52.6 trillion in 2013, building on a strong five-year trend.
Almost 60% of the world’s HNWIs were in four countries, namely the US, Japan, Germany and China.
Find out how your country's millionaires fared in 2013; read the full report here.