5% of Singaporeans will be dollar millionaires by 2017
Data published by consultant WealthInsight suggests Singapore will have the second highest density of dollar millionaires after Monaco by 2017, when an estimated one in 20 people will have net assets of $1m or more.
The number of such people has doubled since 2008, to an estimated 183,400 by 2012. The number is projected to grow at a rate of 59% between 2012 to 2017.
Collectively, these people hold some $857bn, or 85.7% of the total individual wealth in the country.
Of these, some 3,870 had net wealth over $30m, with an average of $86m per person.
By 2017, the country is expected to be home to more than 290,000 millionaires, with total wealth of some $1.39trn. Financial services is driving much of this growth in wealth, according to WealthInsight, with over a third of wealthy individuals already sourcing their wealth from this sector of the economy.
Singapore is also attracting money from families that are newly wealthy in surrounding Southeast Asia, as well as India and China.