Asia is also expected to surpass Europe as the second-largest wealth hub by 2026
Published in Tatler Asia by Camillia Dass on THU, MAR 10 2022
While the Covid-19 pandemic continues to cause major economic disruptions and retrenchment around the world, many of the rich amongst us have seen their wealth increase exponentially.
This has been affirmed in several instances, particularly after Forbes announced last year that the combined net worth of Singapore’s 50 most affluent individuals rose by a whopping 25 per cent to US$208 billion in 2021.
Now, according to The Wealth Report 2022 by Knight Frank which was released on March 1, it has been shown that the world’s population of ultra-high-net-worth individuals (UHNWIs) rose by 9.3 per cent globally in 2021. UHNWIs are defined as individuals with net assets of US$30 million (SG$40.7 million) or more, including their primary residence.
In Asia in particular, UHNWIs increased by 7.2 per cent. In Singapore specifically, UHNWIs grew 8.6 per cent to 4,206 in 2021. This is up from 3,874 in 2020.
In total, there are now 28 billionaires in Singapore as of 2021. There were only 25 local billionaires in 2020.
In the report, Knight Frank has predicted that the global UHNWI population will continue to grow by an estimated 28 per cent by 2026. It has also been predicted that Asia will surpass Europe as the second-largest wealth hub while North America will retain the top position.
Locally, Knight Frank predicted that Singapore will see a 268 per cent growth in its UHNWI population by 2026. This puts Singapore in second place after New Zealand which is expected to see a 270 per cent growth in UHNWIs.
“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, the group managing director of Knight Frank Singapore.
ABOVE Photo: Unsplash
Here is the full list of countries and territories that are expected to have the largest proportional increase in their UHNWI populations between 2016 and 2026, according to Knight Frank.
New Zealand: 270 per cent
Singapore: 268 per cent
Chinese mainland: 256 per cent
Czech Republic: 228 per cent
Ireland: 209 per cent
Australia: 194 per cent
Poland: 190 per cent
Israel: 189 per cent
Sweden: 184 per cent
Malaysia: 183 per cent
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