Nearly 200,000 millionaires in Singapore - a thousand with over S$60 million

Lloyd Doyle
October 21, 2018

House-price movements are a proxy for the non- financial component of household assets, which reached a high of 9 per cent for the country.

China's total wealth has climbed 1,300 percent in the 21st century to 51.9 trillion US dollars, more than double the rate of any other nation, says the report. "Wealth inequality has not yet fallen significantly, but has stabilized according to most indicators", said the report.

The global wealth report says that the number of millionaires in India rose by 7,300 to 343,000.

It found that the number of millionaires in Singapore grew 11.2 per cent to 183,737 in the 12 months to the middle of this year.

There has been a rapid increase in the number of millionaires in Singapore, a new report said.

Globally, Switzerland remains the richest nation in the world in terms of wealth per adult with 0,240 in mid-2018, followed by Australia ($ 411,060), with Singapore ($ 283,120) ranking ninth among major economies.

The currency depreciation against the USA dollar affected wealth trends in some of the major regional economies such as Australia and India, John Woods, Chief Investment Officer Credit Suisse-Asia Pacific, said.

Wealth inequality is a key feature in the report, which noted "that the bottom half of adults collectively owns less than 1 percent of total wealth, the richest decile (top 10 percent of adults) owns 85 percent of global wealth, and the top percentile alone accounts for nearly half of all household wealth (47 percent)". Over the past 12 months, non-financial assets grew by 4.3 per cent, accounting for all of the wealth growth in the country, it noted.

The US contributed most to global wealth, adding $6.3 trillion, taking its total to $98 trillion and continuing its unbroken run of growth in total wealth and wealth per adult every year since 2008. The Asia-Pacific (including China and India) emerged on top as the largest wealth region, as household wealth grew 3 per cent to more than US$114 trillion.

About 91 per cent of household assets in India comprise of property and other real assets.

"We are fortunate to live in a country where median household wealth and wealth per adult are the world's first and second highest, proving that collectively as a nation we are not just very wealthy, but also that our wealth inequality is much lower than other developed countries", Credit Suisse Australia CEO John Knox.

China now has the second largest household wealth, having added $2.3 trillion to $52 trillion.

China's wealth is projected to grow by a further Dollars 23 trillion in the next five years, taking its share of global wealth from 16 percent in 2018 to just above 19 percent in 2023.

Non-financial assets were the main growth drivers in all regions except North America, and accounted for 75 per cent of wealth growth in China and Europe and 100 per cent in India.

"Since the global financial crisis, wealth inequality has trended upward, propelled in part by the rising share of financial assets, and a strengthening United States dollar", Anthony Shorrocks, a British economist and one of the report's authors, said in a statement. Country wise, China and India witnessed 4.6 per cent and 2.6 per cent growth, respectively, in wealth.

Other reports by Iphone Fresh

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