Number of ultra-rich living in Singapore rose last year despite pandemic

[The_King]

SINGAPORE'S number of ultra-wealthy people continued growing strongly in the 2019-2020 period despite the pandemic, making it the Asian country with the second highest rate of growth in this segment.

The number of ultra high net worth individuals (UHNWI) in the city-state rose 10.2 per cent or by 345 to 3,732 in 2020, says The Wealth Report 2021 put out by Knight Frank. The report defines UHNWIs as those with net worth of at least US$30 million, including their primary residence. The figures refer to the UHNWI population living within each country. 

Globally, among the top 10 countries with the fastest-growing UHNWI populations, Singapore is ranked third. China is first with a 15.8 per cent growth rate, and Sweden, second with 11.3 per cent.

Knight Frank's current report said that the number of UHNWIs rose by 2.4 per cent globally last year, one-third of the growth rate in 2019. This brought the total of these millionaires and billionaires to more than 520,000.

 

 

China produced 9,594 more UHNWIs, followed by the US (6,080) and Japan (1,199). In absolute numbers, the ultra wealthy in China now number 79,426, followed by Japan's 14,755. The US has the world's most ultra wealthy at 180,060.

[ManOfTheHour]

number of poor probably went up too