50 people join the super rich club in Singapore this year

Homes at Sentosa Cove. The number of ultra wealthy people in Singapore grew slightly last year, as did the amount of wealth they collectively own, thanks mainly to rising real estate prices. -- ST FILE PHOTO: CAROLINE CHIA
Homes at Sentosa Cove. The number of ultra wealthy people in Singapore grew slightly last year, as did the amount of wealth they collectively own, thanks mainly to rising real estate prices. -- ST FILE PHOTO: CAROLINE CHIA

The number of ultra wealthy people in Singapore grew slightly last year, as did the amount of wealth they collectively owned, thanks mainly to rising real estate prices.

The latest Wealth-X and UBS World Ultra Wealth Report, released on Tuesday, said the ranks of the super rich in Singapore grew to 1,355 by July this year, up 3.8 per cent from 1,305 in July last year.

These ultra high net worth individuals, as defined by Wealth-X, are people who have assets of at least US$30 million each. This includes the house that they live in, their savings as well as the value of any businesses they might own.

This group had a combined wealth of US$160 billion in July this year, up 3.2 per cent from US$155 billion a year ago.

Their increase in wealth came primarily from rising real estate values, said Wealth-X chief executive officer Mykolas Rambus.

Over half of the ultra wealthy in Singapore - 746 individuals - have assets of between US$30 million and US$49 million, while 27 of them are billionaires with a combined wealth of US$64 billion.