Thursday, October 20, 2011
408,000 millionaires in S'pore by 2016
The number of millionaires in Singapore are expected to more than double by 2016, from the current 183,000 to 408,000.
Singaporeans are also the second richest in the Asia Pacific region, and the fifth richest in the world, with an average wealth of US$285,000 (S$359,600). This is a 32.1 per cent increase from the figure of US$215,000 in Jan 2010, less than two years ago.
This is according to Credit Suisse's latest global wealth report, that takes into account the individuals' assets after subtracting debt.
The report also states that most of the increase was due to the saving rate and asset price increases, rather than exchange rate movements.
Published Oct 21 2011