Number of Singapore millionaires could rise by over 60% in next 5 years

The number of Singaporean millionaires may increase by more than 60% in the next five years following a surge in millionaires forecast in the region after financial capitals emerge from the Covid-19 pandemic, VNA reports.

According to the 2021 Global Wealth Report released by Credit Suisse Group AG, Singapore may have 437,000 millionaires by 2025 compared with 270,000 in 2020, representing a rise of 62%.

This is a faster growth than Hong Kong’s estimated 60% for the period, but slower than the growth forecast in 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 says.

The country’s Gini coefficient – a more broad-based measure of wealth inequality – was at 78.3 in 2020, 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% in Japan, 24% in South Korea and 28% in Taiwan.