Chris Reed
Jun 11, 2012

ONE in SIX are MILLIONAIRES in Singapore - leading the world

Singapore now has the world’s highest proportion of millionaires according to the Boston Consulting Group. They have soared over the last year to 17% of households,  an amazing statistic.That's ...

ONE in SIX are MILLIONAIRES in Singapore - leading the world

Singapore now has the world’s highest proportion of millionaires according to the Boston Consulting Group. They have soared over the last year to 17% of households,  an amazing statistic.

That's around one in six households in Singapore are millionaires and that figure does not include housing, purely investable financial assets.

Coupled with news that China, Hong Kong and India are not far behind and growing fast demonstrates the power of the rising East and the falling financial power of the financially troubled West.

Hong Kong actually leads the world on highest proportion of Billionaires. “New world” money is staying in the East and “old world” money is coming this way too making a double whammy of investment.

The UK was no where to be seen in the survey, unsurprisingly really as they appear more concerned with celebrating the past and

obsessing about antiquated royalty in equal proportion to their dwindling global financial and political power. Meanwhile Republic countries in the “new world” soar, there may be a moral in that.

Just to put this in perspective Singapore enjoys nominal gross domestic product per capita of US$43,000, compared with a miserly US$36,000 for the UK according to the World Bank. That is 26% difference.  And the gap is growing.

According to Boston Consulting worldwide investors increased offshore assets 2.7 percent to $7.8 trillion with Hong Kong and Singapore again among the beneficiaries. The two biggest Asian offshore booking centers may soon surpass Switzerland in terms of size, according to the report.

The shift in wealth growth to emerging economies poses a challenge for wealth-management firms based in the U.S. and Europe, according to Damisch.

Finding and keeping talent in these developing markets is a “key success factor”. This explains why firms as wide ranging as Goldman Sachs, Credit Suisse and HSBC are closing locations in the West, making people redundant in the process while employing ever more people in the new world power hubs of Singapore and Hong Kong.

With one in six households in Singapore millionaires clearly this is where the real party is!

Source:
Campaign Asia
Tags

Related Articles

Just Published

1 day ago

Creative Minds: Gian Nealega is a believer in the ...

Grit, determination, persistence and a whole lot of creativity has helped Dentsu Creative Philippines Gian Nealega shift lanes from training to be a nurse to becoming a creative leader.

1 day ago

Women to Watch 2024: Shilpa Sinha, McCann Worldgroup

Sinha’s strategic leadership at McCann Worldgroup unites cultural insight with creative impact. She also advocates for inclusive representation across regional and global work.

1 day ago

M&A deals continued to decline in 2024: COMVergence

Even as overall dealmaking declines, certain sectors such as ecommerce continue to be a major draw.