Singapore’s ultra-rich population up 6.9% in 2022 despite a global decline

It is seen to grow by 17.7% to around 5,300 from 2022 to 2027.

The Lion City’s ultra-high-net-worth individuals (UHNWIs) population roared by 6.9% to 4,498 in 2022 from 4,206 in 2021, Knight Frank said in its study.

In its report, the global UHNWI population fell 3.8% in 2022 compared to a climb of 9.3% in the year before.

But Singapore’s ultra-wealthy population is seen to grow by 17.7% to 5,300 from 2022 to 2027.

Three of Asia's top 10 fastest-growing UHNW markets were Malaysia, Indonesia, and Singapore, which saw their wealth populations expand by 7.0 - 9.0%.

In the next five years, Knight Frank sees that the worldwide UNHW population will expand by 28.5% to almost 744,000.

Nicholas Keong, head of the private office in Knight Frank Singapore said Singapore’s strategic geographical location as the gateway to cities in the Asia-Pacific and the availability of modern infrastructure led to a concentration of wealth and a growing ultra-rich population seeking stability amidst uncertain economic conditions.