Singapore's ultra-wealthy ranks to grow fastest among peers in global cities

SINGAPORE - The ranks of Singapore's ultra-wealthy are set to grow by more than 1,700 over the next decade - the strongest growth among 108 cities in a new global survey.

In the survey, an ultra-wealthy person is defined as having a net worth of US$30 million (S$37.5 million), not counting their main home.

The Knight Frank Wealth Report 2015 predicts a 54.3 per cent jump in the number of these ultra cashed-up types from 3,227 last year to 4,979 in 2024.

The report uses the term "ultra high net worth individual".

Singapore is ranked third among cities where the ultra-wealthy live, behind Tokyo with 3,575 and London with 4,364. The next biggest projected jump by 2024 after Singapore was Hong Kong with 1,251 more of such individuals.

The nation's population of "centa-millionaires" - those with net worth of US$100 million or more - is set to rise 53 per cent in the next 10 years to 1,177 in 2024.

And the population of US dollar billionaires here - currently 24, the ninth most among the cities surveyed - is also set to rise 50 per cent to 36 billionaires in 2024.

Comparing last year with 2013, Singapore saw a 2 per cent rise increase in both the ultra-wealth and centa-millionaires, and 4 per cent more billionaires, the report said.

"Singapore's strengthening position as a regional financial and transportation hub, coupled with stable and pro-business Government, have attracted multinational corporations to relocate their operations here," said Ms Alice Tan, Knight Frank Singapore head of consultancy and research.

"These strong attributes have also attracted many (ultra-wealthy) to relocate and invest in Singapore, especially in the real estate sector."