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More rich people in Singapore by 2015: Study

Study also expects China to record greatest increase in wealthy people

Published on Sep 26, 2012 6:00 AM
 
The number of high net worth individuals with investible assets of more than US$1 million (S$1.23 million), apart from their home, is expected to grow from 64,000 in 2010 to 133,000 in 2015. -- ST FILE PHOTO: TED CHEN

The ranks of Singapore's rich are tipped to shoot up over the next few years as Asia's robust growth churns out more wealthy people.

The number of high net worth individuals with investible assets of more than US$1 million (S$1.23 million), apart from their home, is expected to grow from 64,000 in 2010 to 133,000 in 2015.

While this growth is significantly lower than the rates expected in the Philippines and Indonesia, for example, it reflects the fairly large affluent population already present here.

The study by Bank Julius Baer, which spanned nine Asian countries, said China will record the greatest increase in wealth, with the number of high net worth individuals growing from 502,000 in 2010 to 1.43 million by 2015.

 
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