There are more and more rich people in Singapore!

Although there are only 5.45 million people in Singapore, there are nearly 250,000 "millionaires", one in every 22 people, ranking 5th in the world!

01

Nearly 250,000 Singaporean millionaires

1 in 22

London consulting firm Henley & Partners recently released a set of data:

As of the first half of 2022, Singapore has added 2,800 millionaires, bringing the total number of millionaires to 249,800! Among the 20 cities with the highest number of millionaires in the world, Singapore ranks fifth.

Among them, there are 8,040 "millionaires", 336 "billionaires", and 26 super-rich people (worth at least $1 billion) sitting at the top of the wealth pyramid!

Overall, the number of HNWIs in Singapore increased by around 1%.

In 2021, there are about 5.45 million people in Singapore. If you calculate according to this data, on average, 1 out of every 22 people will be a millionaire!

02

Singapore HNWIs on the rise

High net worth individuals migrate here

Amors, head of research at Henley & Partners, said:

“The increase in HNWIs in Singapore is mainly due to the migration of HNWIs here. HNWIs moving to Singapore are mainly from mainland China, Hong Kong, Indonesia, Malaysia, Vietnam, the Philippines and India.”

Earlier, Henley and Partners estimated that 2,800 millionaires are expected to immigrate to Singapore in 2022, an 87% increase from 1,500 in 2019.

Among the 2,800 millionaires, about 500 are from China.

In addition, the company estimates that each millionaire who immigrates here will carry about S$6.6 million in wealth, and these 2,800 millionaires who immigrate here will bring huge wealth to Singapore!

03

Top 10 Richest People in Singapore

Half are from China

Recently, Forbes Asia released the 2022 Singapore Rich List.

Among the top ten richest people, more than half of their ancestry comes from China!

Except for the majority of wealthy people who choose to immigrate to Singapore, the number of Chinese family offices in Singapore in the first half of 2022 will show a blowout growth. According to statistics, in 2022, 44% of newly established family offices in Singapore will originate from China.

Singapore's open market environment, as well as its livable environment, its central location in the Southeast Asian island country, and its "tax haven" are just like a magnet that attracts the wealthy.

HNWIs choose Singapore mainly for:

Consider investing in the market

optimistic about the business environment

Consider personal factors (quick access to permanent residency)

More immediate reasons include:

Chinese account for more than half, and they are integrated with Western cultures

Laws and regulations are clear and clear, and tax policies are relatively favorable

Educational welfare system, complete and mature supporting facilities

Naturally, Singapore became the first choice. No wonder so many rich people are interested in this treasure!

If you are interested in consulting asset allocation, identity planning, financial and tax planning, family wealth inheritance and sustainability. For more information on the establishment and operation of a family office in Singapore, please contact Nebula International's professional team.