In the Global Wealth Report 2012, Boston Consulting Group reported that Singapore households with investable assets, excluding property and other non-financial assets, exceeding USD1 million rose to 188,000 in 2011. This translate to about 17% or 1 out of 6 households in Singapore are millionaires.
In contrast, there were 165,000 households that crossed this mark in 2010. The gain in 2011 was attributed to the 4.9% economical growth achieved in 2011 which followed an astounding growth of 14.8% in 2010. This was further boosted by the strengthening SGD for the past few years and wealth generated from the appreciating real estate market.
In the same report, Singapore with the 17% of households record was listed as the “highest density” of millionaire households from the study of all 63 countries. However, Singapore was ranked 11th in terms of total number of millionaire households.
Some Singapore households might have made a tidy amount from the stock market by right timing last year. Furthermore, some might have profited handsomely if they sold their property which were purchased around 2005 to 2006.
In terms of ultra-high net worth households which include those holding US$1000 million in wealth, there were about 1 out of 10,000 Singapore households which propelled Singapore into 26th position. In terms of density of ultra-high net worth households, Singapore was ranked 2nd while Switzerland came in top last year.
In general, Asia-Pacific countries amassed wealth at a faster pace than other countries in 2011 due to stronger economic growth.
Global wealth was recorded at US$122.8 trillion in 2011 and is predicted to grow to $151.2 trillion by 2016.
3 June 2012