Crazy Rich Singaporeans: Ultra-wealthy population to almost triple by 2026

In 2021, the ultra-wealthy population saw an 8.6% increase to 4,206. 

The number of Ultra High Net Worth Individuals (UHNWI) in Singapore is expected to grow 286% by 2026 to 6,000, Knight Frank reported in its latest edition of The Wealth Report.

This is the second-largest proportional increase in the UHNWI population between 2016 to 2026 among countries and territories included in the report.

In 2021, the ultra-wealthy population of Singapore jumped 8.6% to 4,206, while the number of billionaires jumped to 28 from 25 in 2020.

In a separate Attitudes Survey, about 76% Singaproeans experienced an increase of more than 10% in their total wealth.

“The inflow of wealth into Singapore did not falter even as the country continues to press on in a slow fight against COVID-19; a 10.2% jump in the Singaporean UHNWI population was already recorded in 2020 from 2019,” Wendy Tang, group managing director of Knight Frank Singapore, said.

Data from the Singapore Department of Statistics showed that the median household income grew 1.5% YoY in 2021 from declining 2.4% YoY in 2020.