Singapore’s UHNWI population is expected to grow by 6.9% by 2022

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In the year 2022, number of ultra-high-net-worth people (UHNWIs) from Singapore was recorded at 4,498, which is an increase of 6.9% increase y-o-y, according to figures compiled by Knight Frank’s The Wealth Report. It defines UHNWIs as having net assets that are at least $30 million ($40.3 million)

The rise is despite a decrease in the number of UHNWIs by 3.8% last year to 579,625. “The decrease in the overall amount of UHNWIs globally was due to the poor performance of equities as well as market for bonds,” states Leonard Tay who is the head of research and analysis at Knight Frank Singapore. The number of billionaires fell by five% to 2,629 across the globe.

The rise of UHNWIs in Singapore comes with an increase in wealth entering the city-state where the super-rich are seeking stability in an uncertain world, says Nicholas Keong, head of private office at Knight Frank Singapore. He explains that Singapore’s status as the gateway for various Asia Pacific cities, coupled with its modern infrastructure and a business-friendly environment, has contributed to its appeal to UHNWIs.

In addition in the world, there was a similar trend in United Arab Emirates saw the largest increase in UHNWI population in the last year, growing by 18.1% to 1,116 individuals. Tanzania was second and recorded a growth by 13.9%, while Brazil came third with an 11.2% growth. In the group of Asian states, Malaysia registered the highest growth rate of 9.4%, followed by Indonesia with a growth of 9%.

As the UHNWI population decreased this year, the number of high-net-worth persons (HNWIs) that is, those who have US$1 million in assets or greater, grew to 2.9% to almost 70 million around the world. The top three countries in terms of HNWI expansion comprised Malaysia, Brazil, and Indonesia.

Knight Frank forecasts that the global UHNWI population will increase in the range of 28.5% over the next five years to reach 74,000 in 2027. This is a slower growth, which was around 44% between 2017 between 2022 and 2017. In addition, the amount of HNWIs is projected to increase in the range of 56.9% and surpass 100 million in the next five years.

In addition to revealing the changes in the UHNWI population globally The most recent version of the Wealth Reporthas determined the personal level of wealth that is included in the top 1% in various countries around the globe.

Singapore is currently the most prestigious limit for a country in Asia and has US$3.5 million to be among one of the highest 1% which is higher than Hong Kong’s US$3.4 million. Monaco was ranked as the nation with the highest threshold, US$12.4 million and was being followed by Switzerland (US$6.6 million), Australia (US$5.5 million), New Zealand (US$5.2 million) and the US (US$5.1 million).