Friday, 27 September 2013

Singapore Has the Highest Millionaires Resident Ratio in the World!

Looking for millionaires? Take a drive around Singapore’s residential districts – more than one in six houses you see will be inhabited by one.The Southeast Asian city-state has retained the honor of having the highest percentage of millionaires in the world, according to a new report from the Boston Consulting Grooup. 

Singapore had 188,000 millionaire households in 2012 – or slightly more than 17% of its resident households. Effectively, that equates to more than one in every six Singapore households having disposable private wealth of over US$1 million, excluding self-living property, consumables and luxury goods. If those were included, it would likely push the number of millionaire households even higher, since property in Singapore is among the world’s most expensive.The millionaires number has grown 14% since 2010, when Singapore also had the highest percentage of millionaires in the world, according to a similar BCG report.

Singapore’s super-wealthy population has also grown, with 10 in every 100,000 households now classified as “ultra-high-net-worth” households, defined as households with more than US$100 million in private financial wealth. That puts Singapore right below Switzerland, which has the highest concentration of ultra-high-net-worth households at 11 for every 100,000, and above Hong Kong which has 7 of these for every 100,000 households.
Hong Kong takes the prize of having the highest concentration of billionaire households relative to its small size, according to the report.

Across Asia-Pacific (excluding Japan), private wealth increased by 10.7% to US$23.7 trillion. Conversely, in North America, Europe and Japan, private wealth declined by 0.9%, 0.4% and 2% respectively, particularly affecting the ultra-wealthy, though North America still has the world’s largest share of private wealth at US$38 trillion.China is fast catching up with America’s millionaires, and is now host to the world’s 3rd highest number of millionaire households (1.43 million). According to BCG, this number is set to grow over the year 2012, and is already up 16% from 2010. The report also tracks offshore wealth, with Switzerland emerging, again, as the world’s largest offshore wealth center. However, this position is increasingly being challenged by the likes of Hong Kong and Singapore, according to BCG, especially as calls for greater tax rigor and transparency become louder in Europe and North America and places like Switzerland are compelled to take more steps to regulate incoming deposits.“In Switzerland… asset inflows from investors in neighboring countries will certainly decline,” said the report, citing “new, stricter tax regulations.”“If recent growth rates remain constant, it is possible that Singapore and Hong Kong combined will surpass Switzerland as an offshore booking center in terms of size in 15 to 20 years.”

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