Money, money, money: Singapore’s ultra-rich residents control 17% of the country’s wealth

There are 1,395 ultra-high net worth individuals living here.

For the average Singaporean, it must indeed be funny in an ultra-rich man’s world. A report reveals that Singapore’s ultra-high net worth population controls US$180 billion in assets, representing a staggering 17% of the entire country’s wealth.

Wealth X and UBS’ World Ultra Wealth Report 2014 revealed that there are 1,395 UHNW individuals living in the island, up from 1,335 UHNW individuals in 2013.

The report stated that over 20% of these individuals are engaged primarily in finance, banking and investment, while 10% of the UHNW population have made their wealth in construction and engineering.

6 out of 10 of Singapore’s UHNW individuals are self-made. This is a much lower proportion than seen in neighboring China, where 91% of the ultra-rich are self-made.

“Singapore’s longer history of wealth creation and accumulation is responsible for this phenomenon. Entrepreneurship remains a key ingredient to economic success, with only 15% of Singapore’s UHNW population having fully inherited their wealth,” noted the report.

The report also revealed that the Singapore’s UHNW wealth grew more than four times faster than its population.

“Such strong growth is reflective of the city-state’s growing international appeal with regards to the strength of its financial sector, and the ease of both establishing and conducting business in the country, allowing for rapid wealth accumulation,” the report stated.