Singapore's ultra-wealthy residents suffer as global downturn bites

The number of local UHNWIs dropped by 8% last year.

The escalating economic slowdown in most global markets shaved off a huge chunk of wealth from Singapore’s ultra-rich residents last year, according to the 2016 Wealth Report by Knight Frank.

The number of ultra high net worth individuals (UHNWIs)—or those who own US$30 million in assets or more— in Singapore dropped by 8% to 2,360 people in 2015, the report revealed.

Globally, the number of UHNWIs dropped by 3%. Meanwhile, the number of ultra-rich residents across the border in Malaysia slid by 15%, while the UHNWI population shrank by 6% in Hong Kong.

Despite the decline, Knight Frank said that the number of ultra rich rich Asians will jump by 23,541 over the next decade. This marks the largest absolute UHNWI population increase across the world, the report said.

"The conducive business environment and clear regulatory franework here have augmented Singapore's status amongst the wealthy as a preferred location to live and do business," said Alice Tan, Knight Frank Singapore research head.

The survey polled 400 private bankers across the globe. Singapore came in sixth out of twenty top cities in terms of wealth distribution. New York clinched the top spot, followed by London. Neighbouring Hong Kong came in third overall, followed by Los Angeles.