Based on a wealth report dated Nov 19, the population of Ultra High Net Worth individuals in Singapore observed an increase of 40 individuals in 2014.
This brings the total amount of ultra high net worth individuals in Singapore to a record high of 1,395, with a combined net worth of S$234 billion, which is an increase of 12.5 percent over the years, as reported by Wealth-X and UBS World Ultra Wealth Report.
So, what defines an Ultra High Net Worth individual? They are individuals who have at least US$30 million or more in net assets. And as of today, the population of Singapore’s ultra high net worth population is ranked 19th globally, and 6th among Asian Countries, even though the population grew slower than both the Global and Asian average this year, the combined wealth of these ultra high net worth individuals has grown rapidly.
“Such strong growth is reflective of the city-state’s growing international appeal with regards to the strength of its financial sector, and the ease of both establishing and conducting business in the country, allowing for rapid wealth accumulation” as stated on the report.
The wealth report also observed that:
- 60 percent of the population of ultra high net worth rich individuals in Singapore is fully self-made.
- 20 percent or more of the population of ultra high net worth individuals in Singapore are in the banking, finance and investment industry.
- 25 percent of the population of ultra high net worth individuals in Singapore inherited their wealth and grew their wealth through their careers, businesses and other business ventures.
- 15 percent of the population of ultra high net worth individuals in Singapore has their wealth fully inherited.
- Singapore’s female ultra high net worth population accounts for a much larger share of its total population than the global average. But the average net worth of female ultra high net worth individuals in Singapore is 45 per cent lower than that of male ultra high net worth individuals in the country.
- The ultra high net worth population in Singapore controls a staggering 17 percent of the country’s wealth, which is estimated at a total of US$1.08 trillion.
So who says Singapore is a bad place for opportunities to start a business?
This article first appeared on CNA