Singapore ranks third in the world for proportion of millionaire households
- POSTED: 10 Jun 2014 18:01
Millionaire households in Singapore formed 10 per cent of the population here in 2013, down from 17.1 per cent in 2012.
SINGAPORE: Millionaire households in Singapore formed 10 per cent of the population in Singapore in 2013, down from 17.1 per cent in 2012, according to the latest report from Boston Consulting Group. The latest findings mean Singapore’s density of millionaire households ranks third globally, behind Qatar (17.5 per cent) and Switzerland (12.7 per cent).
In absolute numbers, the United States had the highest number of millionaire households (7.1 million), and the highest number of new millionaires (1.1 million). It is followed by China, where robust wealth creation has led to a rise in millionaire households from 1.5 million in 2012 to 2.4 million in 2013. China has surpassed Japan, where the number of millionaire households fell from 1.5 million to 1.2 million last year.
The Asia-Pacific region (excluding Japan) remains the fastest-growing region for private wealth worldwide, the report stated. Global private wealth is projected to post a compound annual growth rate of 5.4 per cent over the next five years to reach an estimated US$198.2 trillion by the end of 2018. The Asia-Pacific region and its new wealth will account for about half of this total growth, BCG predicts, likely overtaking North America as the largest wealth market in four years' time.