Singapore’s millionaire population to rise to 437,000 by 2025

The global number of millionaires could go over 84 million in the next five years.

The number of millionaires in Singapore is expected to rise to 437,000 between 2020 and 2025, a 61.9% increase from the 270,000 recorded in 2020, the Credit Suisse reported.

In its Global Wealth Report 2021, Credit Suisse projected that the global number of millionaires will likely exceed 84 million over the same period.

The US, which has the largest number of millionaires, will likely remain at the top with an estimated 28.05 million wealthy by 2025. It is followed by China’s millionaires, expected to reach 10.17 million.

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At the end of 2020, Credit Suisse said the wealth per adult in Singapore amounted US$332,995. Household wealth grew at a rate of 5.8% during the century.

The report noted growth in Singapore is skewed toward financial assets as it accounted for 58.5% of personal wealth at the end of 2020.

In 2020, net worth per adult rose in Japan, Korea, Singapore and Taiwan (Chinese Taipei) by 7.1% on average, according to the report.

This breaks down into a 9.8% gain in financial assets per adult, a 4.0% rise in non-financial assets, and a 4.5% increase in debt.