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Overview of SIngapore to show it is the most competitive story in the world

Singapore’s “ultra rich” population reaches a record high

Uncover and learn about complex HR innovation tools and strategies at Accelerate HR from Thailand's largest employers including Agoda, DKSH, Fonterra, FWD, Kasikornbank, Minor Food, Nissan Motor and more.
Happening in Bangkok on 26-27 November, early-bird tickets are still available.

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.”

One in five Singaporeans are now really, really rich
5 more billionaires join Singapore’s rich list

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.

Image: Shutterstock

Human Resources Online is heading to Bangkok with the Accelerate HR conference on November 26-27.
HR leaders from Agoda, DKSH, Fonterra, FWD, Kasikornbank, Minor Food, Nissan Motor and more have already confirmed to speak.
Early-bird tickets are still available.

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