Singapore named eighth fastest-growing UHNW market

It had the highest net individual wealth in Asia, at S$4.7m.

Singapore ranked eighth in the top 10 markets with fast-growing ultra high net worth (UHNW) individuals, with its wealth population expanded by 6.9% between 2021 and 2022, data from Knight Frank's The Wealth Report stated.

Singapore's growth rate, however, was slower than that of Indonesia (9%) and Malaysia (9.4%).

The UHNW population in the Asia Pacific region experienced a 51% substantial growth within five years up to last year, and it would still lead the world in wealth creation despite growth forecasted to slow by 40% over the next five years.

"The wealth story remains compelling as the region will continue to lead the pack in the unending wealth expansion with plenty more opportunities for UHNWs to discover," said Christine Li, Knight Frank Asia-Pacific Head of Research.

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Singapore remains with the highest net individual wealth in Asia to be part of the 1% global threshold, at US$3.5m (S$4.7m).