Jump in number of Singapore millionaires: Credit Suisse
Figure now at 174,000, thanks to recovery of financial markets: Report
The number of millionaires here has risen at a sharp rate, thanks to the robust recovery of financial markets in the past year.
The Credit Suisse Global Wealth Report found that Singapore's total wealth grew by 8.7 per cent to US$1.1 trillion (S$1.37 trillion) in the 12 months to mid-2013. Average wealth per adult increased by 6.8 per cent to US$282,000. This figure includes a person's home, if he owns it.
This is quite a turnaround from the last report, which showed that between mid-2011 and mid-2012, total household wealth in Singapore dipped by 2.5 per cent to US$1 trillion, while the average wealth of people fell by 4 per cent to US$258,117. As a result, Singapore is now ranked second in the Asia-Pacific region after Australia in terms of wealth per adult, up one spot from last year. Globally, Singapore is now in eighth position.
Switzerland retained its top spot, with average wealth of US$513,000 per person, followed by Australia in second place with average wealth of US$403,000 and Norway in third at US$308,000.