Singapore’s millionaires count expected to surge 62% by 2025 — report

 Singapore’s millionaires count expected to surge 62% by 2025 — report
A VIEW of the city skyline in Singapore, Dec. 31, 2020. — REUTERS

SINGAPORE’s count of millionaires could increase by more than 60% over the five years from 2020 to 2025, according to Credit Suisse Group AG, part of a surge in millionaires expected in Asia as financial capitals emerge from the Covid-19 pandemic.

The city-state may have 437,000 millionaires by 2025 compared with 270,000 in 2020, according to the bank’s 2021 Global Wealth Report. That 62% pace would be faster than Hong Kong’s estimated 60% for the same period, but slower than the growth forecast in mainland China, India, Australia, South Korea and Taiwan.

Singapore’s millionaire density — or percentage of millionaires in the total population — was 5.5% in 2020, the second-highest in Asia after Hong Kong’s 8.3%, the report said. The island nation’s Gini coefficient — a more broad-based measure of wealth inequality — was at 78.3 in 2020, much higher than Japan’s 64.4, South Korea’s 67.6 and Taiwan’s 70.8.

The wealth share of the top 1% in Singapore was almost 34% at the end of 2020, compared with 18% for Japan, 24% for South Korea and 28% for Taiwan. In a small country like Singapore, higher wealth inequality can result from an unrepresentative cluster of very high net-worth individuals, the report said. — Bloomberg

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!