Singapore's ultra-wealthy population expected to grow by almost 300 per cent by 2026

While the COVID-19 pandemic has resulted in significant disruption to lifestyles and livelihoods, the super-rich segment of the population has witnessed a record rise in wealth during this time.  

According to The Wealth Report 2022 by Knight Frank released on Mar 1, the world’s population of ultra-high-net-worth individuals (UHNWIs), defined as those with net assets of US$30 million (S$40.7 million) or more, including their primary residence, rose by 9.3 per cent in 2021, following on from growth of 2.4 per cent in 2020.

In Asia, the number of UHNWIs increased by 7.2 per cent. Meanwhile in Singapore, the ultra-wealthy population grew 8.6 per cent to 4,206 in 2021, up from 3,874 in 2020. There are now 28 billionaires in Singapore as of 2021, up from 25 in 2020.

Over the next five years, Knight Frank forecasts that the global UHNWI population will grow by a further 28 per cent. Taking a ten-year view (2016 to 2026), it forecasts that the global UHNWI population will more than double from 348,355 to 783,615. Asia will surpass Europe as the second largest wealth hub, the report indicated. North America remains in pole position.

During that time, it is predicted that Singapore will have witnessed a 268 per cent growth in its UHNWI population to almost 6,000. This growth rate ranks Singapore in second place after New Zealand (270 per cent).

“Singapore’s strategic geographical location as the gateway to cities in the Asia-Pacific, as well as the availability of modern infrastructure, a stable pro-business environment and newly minted rich from pandemic-related growth industries and entrepreneurship, has led to a concentration of wealth and a growing ultra-rich population,” said Wendy Tang, group managing director of Knight Frank Singapore.