Singapore’s ultra-wealthy population surged to 1,400 individuals in 2017, up 18 percent from 1,190 the year before, according to Knight Frank’s 2018 Wealth Report released yesterday.
The report defines ultra-wealthy individuals as those with US$50 million (S$65.8 million) or more in net assets.
Though it doesn’t feel like it to us on the lower rungs of society, Singapore currently holds the title of the wealthiest city in Asia, beating out Tokyo and Hong Kong, with both countries at eighth and ninth place respectively in the world. Knight Frank’s 2018 City Wealth Index puts Singapore as the fifth richest city in the world, a position that ties with Chicago.
The index aggregates scores according to parameters such as wealth population and its rate of growth, property investments worth at least US$10 million, lifestyle, and future economic performance. Singapore, in particular, scored well on the lifestyle element, which included components such as the number of luxury hotels, number and quality of top restaurants, and other atas indicators.
Over the next five years, Singapore’s super-rich population is expected to grow by 11 percent to 1,550 in 2022. Globally, the number of ultra-wealthy individuals rose by 10 percent year-on-year to 11,630, taking the overall population to 129,730.
Singapore’s richest individuals are none other than brothers Robert and Philip Ng, the two controllers of Far East Organization, the country’s largest private landlord and property developer. Holding a net worth of US$10.8 billion, they place 140th among the richest people in the world, according to Forbes. Interesting fact: both brothers are devout Christians and refer to Far East as a Christian enterprise.
With text by Romesh Navaratnarajah / PropertyGuru