Singapore will be a land of millionaires by 2020, predicts report

Almost 1 in 30 residents will be wealthy in five years.

Millionaires, or high net worth individuals (HNWIs), will grow at a faster rate in Singapore than in Hong Kong, according to a study by WealthInsight.

Singapore currently has 154,000 HNWIs that collectively hold US$806.3b in net wealth, reflecting a population growth of 17% from the 130,000 millionaires in the country in 2010. By 2020, Singapore HNWIs are expected to number 188,000- roughly 1 millionaire in 30 people. This reflects an 18.3% hike in the next half-decade, versus the expected 15.6% HNWI growth in Hong Kong.

Both cities attract a great many successful business owners and wealthy individuals, but what’s driving the steep spike in Singapore?

“Though Hong Kong has a much higher millionaire population than Singapore (193,000 against Singapore’s 154,000), recent events such as the umbrella revolution may have turned migratory HNWIs away from the city,” supplies WealthInsight head Oliver Williams.

“Singapore's burgeoning financial markets, renowned private banking and superior quality of life are continuing to attract HNWIs from neighbouring countries. We’re currently seeing a large influx of Indian and Chinese millionaires into the country.”

The study also noted that HNWI average wealth is largely indicative of a nation’s equality- the lower the average, the more evenly that wealth is distributed amongst others. Singapore currently holds the lowest average in all of Asia as average wealth stood at US$5.2m per HNWI.