Singapore’s ultra high net worth (UHNW) population has grown four times faster than the general population in the last year, and boasts a record number of 1,395 people.
UHNW individuals are defined in the latest Wealth-X and UBS report as those who have more than US$30 million in net assets, and this strong growth is a reflection of Singapore’s growing international appeal.
The total UHNW population controls almost 17% of the country’s total wealth.
“These individuals have capitalised on the country’s growing importance as a financial hub in the Asia-Pacific region, with over 20% of the population engaged primarily in finance, banking and investment,” the report stated.
“The country’s growth has also spurred other industries such as construction and real estate, enabling a small group of entrepreneurs to build large fortunes.”
Around 60% of Singapore’s current UHNW population is self-made – lower than in countries like China, but a good number considering Singapore’s longer history of wealth creation.
“Entrepreneurship remains a key ingredient to economic success, with only 15% of Singapore’s UHNW population having fully inherited their wealth. New generations of entrepreneurs are being fostered through intergenerational wealth transfers and through the country’s many opportunities – both domestically and across the region.”
More than 20% of Singapore’s UHNW population is engaged in the finance, banking and investment industry. However, the second largest industry is construction and engineering, with nearly 10% of the country’s UHNW having made its wealth in this sector.