Singapore UHNWI population up 6.9% in 2022

According to Knight Frank’s The Wealth Report, the number of ultra-high-net-worth individuals (UHNWIs) in Singapore is expected to rise to 4,498 individuals by the end of 2022, a 6.9% yearly increase. UHNWIs are those with net assets of at least US$30 million ($40.3 million).

With a five-storey high rise, it offers breathtaking views of the city. The building is made up of high-quality materials and modern interior designs which provides the residents optimum comfort. From The Myst Condo, the Bukit Panjang MRT station and LRT station are just a stone’s throw away. Residents can also enjoy an array of recreational activities around, such as shopping centers, parks and nature reserves. With the The Myst CDL, future residents can expect to enjoy luxurious living and convenience.

In comparison, the global UHNWI population decreased by 3.8%, even as the number of high-net-worth individuals (HNWIs), or those with US$1 million or more in net assets, grew by 2.9%.

Leonard Tay, head of research at Knight Frank Singapore, attributed the decline in the number of UHNWIs globally to “weak performing equities and bond markets”. There were also 5% fewer billionaires across the world last year.

Nicholas Keong, head of private office at Knight Frank Singapore, believes that Singapore’s appeal to UHNWIs comes from its “modern infrastructure and pro-business environment” as well as its strategic location within the Asia Pacific region.

The United Arab Emirates topped the list for the strongest UHNWI population growth in 2020, surging 18.1% to 1,116 individuals. Tanzania and Brazil were next on the list, recording a growth of 13.9% and 11.2% respectively. Malaysia recorded the highest growth in the region at 9.4%, with Indonesia right behind at 9%.

Knight Frank projects that the global UHNWI population will grow by 28.5% over the next five years to total 744,000 by 2027. Meanwhile, the number of HNWIs is expected to experience a 56.9% growth and exceed 100 million in the same time period.

The Wealth Report has also highlighted the financial threshold required to be part of the top 1% of earners in various countries globally. Singapore currently holds the highest threshold in Asia at US$3.5 million, above Hong Kong’s US$3.4 million. The highest thresholds are found in Monaco (US$12.4 million), Switzerland (US$6.6 million), Australia (US$5.5 million), New Zealand (US$5.2 million) and the US (US$5.1 million).

The rich are getting richer even in uncertain times, and Singapore is an attractive destination for those seeking stability. With an increasing net worth, the city-state is sure to draw even more of the world’s wealthiest over the next five years.