There were 154,189 high-net worth individuals (HNWIs) in Singapore in 2014 holding $806.3bn (£530.5bn, €756.1bn) in wealth, according to a report from WealthInsight.
This compares with 193,553 HNWIs in Hong Kong, collectively holding $1.1trn in wealth.
Umbrella Revolution
At present, approximately one-in-35 Singaporeans is a millionaire, WealthInsight found. This is expected to grow to one-in-30 by 2020.
“Though Hong Kong has a much higher millionaire population than Singapore, recent events such as the Umbrella Revolution may have turned migratory high-net-worth individuals away from the city,” said Oliver Williams, head of WealthInsight, reports CNBC.
Expats on the rise
The report found that, in both city states, the majority of HNWIs are residents rather than expats. However, the growth in HNWIs over the next five years is expected to be driven largely by expats.
“Singapore’s burgeoning financial markets, renowned private banking and superior quality of life are continuing to attract HNWIs from neighbouring countries. We’re currently seeing a large influx of Indian and Chinese millionaires into the country,” Williams added.
