Singapore’s UHNW population recorded a 6.9% increase to 4,498 in 2022, according to Knight Frank's The Wealth Report (Picture: Samuel Isaac Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - As of end-2022, the number of ultra-high-net-worth individuals (UHNWIs) in Singapore stood at 4,498, representing a 6.9% increase y-o-y, according to data compiled in Knight Frank’s The Wealth Report. The report defines UHNWIs as those with net assets of at least US$30 million ($40.3 million)
The growth comes despite a fall in the global population of UHNWIs by 3.8% last year to 579,625. “The drop in the total number of UHNWIs globally was largely due to weak performing equities and bond markets,” says Leonard Tay, head of research at Knight Frank Singapore. In addition, the number of billionaires declined by 5% to 2,629 worldwide.
The growth of UHNWIs in Singapore follows an influx of wealth into the city-state as the ultra-rich seek stability in an increasingly uncertain world, observes Nicholas Keong, head of private office at Knight Frank Singapore. He notes that Singapore’s location as a gateway to other Asia Pacific cities, coupled with its modern infrastructure and pro-business environment, contributes to its appeal among UHNWIs.
Source: Knight Frank Wealth Sizing Model
Note: Excludes locations where UHNWI population is below 50 and HNWI population is below 500.
Elsewhere, the United Arab Emirates saw the strongest growth in UHNWI population last year, surging 18.1% to 1,116 individuals. Tanzania came in second place, recording a growth of 13.9%, while Brazil came in third with a 11.2% growth. Among Asian countries, Malaysia registered the highest growth of 9.4%, followed by Indonesia at 9%.
While the UHNWI population contracted last year, the number of high-net-worth individuals (HNWIs), or those with US$1 million or more in net assets, expanded by 2.9% to almost 70 million worldwide. The top three countries for HNWI growth were Malaysia, Brazil, and Indonesia.
Knight Frank forecasts that the global UHNWI population will expand by 28.5% over the next five years to hit almost 744,000 by 2027. This represents a slowdown in growth, which clocked in at 44% between 2017 and 2022. Meanwhile, the number of HNWIs is expected to grow by 56.9% and surpass 100 million over the next five years.
Source: Knight Frank Wealth Sizing Model
Note: Excludes locations where UHNWI population is below 50 and HNWI population is below 500.
In addition to reporting movements of UHNWI populations globally, the latest update to The Wealth Report has identified the individual wealth threshold to be considered as part of the richest 1% in different countries across the world.
Singapore currently has the highest threshold in Asia with US$3.5 million required to be in the top 1%, ahead of Hong Kong’s US$3.4 million. Monaco came in as the country with the highest threshold at US$12.4 million, followed by Switzerland (US$6.6 million), Australia (US$5.5 million), New Zealand (US$5.2 million) and the US (US$5.1 million).