SINGAPORE - Singapore is set to have the world's fastest growth in the number of super rich individuals within the next 10 years, Knight Frank forecast in its latest annual wealth report.

Between 2014 and 2024, the number of ultra-high-net-worth individuals (UHNWI) - who have a net US$30 million (S$41 million) in assets - will rise by another 1,752, the property consultancy firm said in its Wealth Report 2015 released on Thursday.

This puts the Republic at the No. 1 spot in terms of growth of UHNWIs, ahead of Hong Kong, New York, London and Mumbai, in descending order.

Currently, Singapore also has the world's third-largest concentration of the ultra rich, behind Monaco and Luxembourg. There are now 60 super rich people for every 100,000 residents here. Switzerland came in fourth in this ranking, with 54 ultra-rich per every 100,000 people.

The trend reflects the rapid growth of Asia's wealth, with the region overtaking North America to see the second-fastest increase in UHNWIs in the world. Last year some 1,419 people moved past the US$30 million mark in Asia, Knight Frank said, behind only Europe's 1,834.

The ultra-rich in Asia also hold more in total wealth with combined net assets of US$5.9 trillion, 7 per cent more than North America's US$5.5 trillion.

-- GRAPHIC: KNIGHT FRANK

In a separate survey, Singapore lost out to its regional rival Hong Kong in a ranking of most important cities to UHNWIs in 2015. Hong Kong came in third in the ranking, behind London and New York and followed by Singapore.

But Mr Nicholas Holt, Knight Frank's head of Asia Pacific research, said the jury is still out on the perennial competition between Singapore and Hong Kong as Asia's top spot for wealth and investments.

"Singapore continues to diversify its economy and attract large multinational businesses. Commercial property in both cities has been targeted by UHNWI investors looking for an income return and potential capital appreciation upside."