Millionaires are on the Move to Singapore – The Country Ranks 3rd in Attracting High Net Worth Individuals

While the COVID-19 pandemic has significantly disrupted the economies around the world, there is a section of the society that has seen a record rise in their wealth during this time. We are talking about the super-rich segment of the population whose wealth has increased exponentially during this period.

According to The Wealth Report 2022 by Knight Frank, the global population of Ultra High Net Worth Individuals (UHNWIs) increased by 9.3% in 2021. These are the individuals having net assets of US $ 30 million (SG $ 40.7 million) or more.

In Singapore alone, the population of ultra high net worth individuals grew by 8.6% to 4206 in 2021 which is up from 3874 in the year 2020.

Another report by Knight Frank indicates that Singapore’s population of ultra high net worth individuals is expected to increase by almost 300% by 2026.

In fact, this has also been affirmed by Forbes List of Singapore’s Richest in 2021 which states that the consolidated net worth of Singapore’s 50 most affluent individuals rose to the US $ 208 billion in 2021 which is a whopping 25% increase compared to last year.

Not just Singapore, entire Asia is seeing a hike in the ultra-wealthy population. In 2021, Asia witnessed a 7.2% hike in ultra-wealthy population. Furthermore, Asia is anticipated to surpass Europe as the second-largest wealth hub by 2026.