The ultra high net worth (UHNW) population in Singapore saw the addition of 40 individuals in 2014, according to a wealth report released on Wednesday (Nov 19).
There are now a total of 1,395 UHNW individuals in Singapore – a record high. Their combined net worth is US$180 billion (S$234 billion), an increase of 12.5 per cent over the past year, according to the Wealth-X and UBS World Ultra Wealth Report.
UHNW individuals are defined as those with US$30 million and above in net assets. The size of Singapore’s UHNW population ranks sixth among Asian countries and 19th globally, according to the report.
This year, while Singapore’s UHNW population grew slower than both the global and Asian average, the combined wealth of its UHNW individuals has grown significantly faster.
“Such strong growth is reflective of the city-state’s growing international appeal with regards to the strength of its financial sector, and the ease of both establishing and conducting business in the country, allowing for rapid wealth accumulation” the report stated.
The report also found that:
- Singapore’s UHNW population controls almost 17 per cent of the country’s total wealth of US$1.08 trillion.
- More than 20 per cent of Singapore’s UHNW population is engaged in the finance, banking and investment industry
- 60 per cent of Singapore’s UHNW population is fully self-made.
- 25 per cent of Singapore’s UHNW population inherited their wealth and went on to grow their fortunes through businesses or other ventures
- 15 per cent fully inherited their wealth
- Singapore’s female UHNW population accounts for a much larger share of its total population than the global average. But the average net worth of female UHNW individuals in Singapore is 45 per cent lower than that of male UHNW individuals in the country.