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Singapore shames Malaysia in wealth
KUALA LUMPUR, July 11, 2024: The number of millionaires (in US$) in Singapore soared past 333,000 last year.
They have a combined net worth of US$1.2 trillion.
And, Singapore is ranked the 4th wealthiest city in the world, overtaking London.
Where is Malaysia? It is saddled with a RM3 trillion debt (national debt + domestic debts).
The island republic has zero natural resources. Shame on you, Malaysia!
Need we say more?
No News Is Bad News reproduces two news articles posted by asiaone:
Singapore's millionaires had a combined net worth of US$1.2 trillion in 2023
MONEY
Number of millionaires in Singapore soars past 333,000 in 2023
Singapore's millionaires had a combined net worth of US$1.2 trillion in 2023.
PHOTO: The Straits Times
PUBLISHED ONJULY 11, 2024 9:18 AMByCHOR KHIENG YUIT
SINGAPORE - The number of millionaires in Singapore rose to 333,204 in 2023. This was about 0.4 per cent more than the figure of 332,000 in 2022.
Conversely, the worldwide tally shrank to 58 million in 2023, from 59.4 million in 2022.
Millionaires - referring to those with a net worth of US$1 million and above - made up 1.5 per cent of the world's population in 2023.
Despite forming such a small percentage, the world's millionaires owned nearly half of global household wealth. Their total wealth came in at just under US$214 trillion (S$288.8 trillion), said UBS in the 15th edition of its Global Wealth Report, released on July 10.
The Swiss bank studied 56 markets in the Asia-Pacific, including Singapore; the Americas; and the Europe, Middle East and Africa regions for this year's report.
These markets collectively represented over 92 per cent of the world's wealth in 2022.
The US dollar was used in this study to make it easy to compare different economies.
The study found that the United States had the largest number of millionaires at nearly 22 million, making up 38 per cent of the world's millionaires.
Mainland China was in second place with just over six million (10 per cent), and Britain was third with slightly over three million millionaires (five per cent).
Singapore placed 22nd in 2023, with its 333,204 millionaires forming 0.6 per cent of the world's millionaires.
The Republic was behind India (in 14th spot), which had nearly 870,000 millionaires and Hong Kong (16th), with around 630,000 millionaires.
Singapore's millionaires had a combined net worth - the difference between their total assets and their total liabilities - of US$1.2 trillion in 2023.
Assets include financial ones, such as cash and equities, and non-financial assets, such as residential property, while liabilities include mortgage loans, car loans and credit card debts.
The millionaire population made up 6.6 per cent of the total number of adults here.
In 2023, total household wealth in Singapore rose 5.6 per cent from 2022 to just over US$2 trillion.
In comparison, global household wealth grew 4.2 per cent in 2023, following a three per cent contraction in the previous year.
PHOTO: Straits Times graphics
PHOTO: Straits Times graphics
The average wealth per Singapore adult came in at US$397,708, putting the Republic in eighth spot, behind Hong Kong in third, and the US in fourth place. Switzerland maintained the first position.
The median wealth per Singapore adult - this looks at the middle number in the whole database - was lower, at US$104,959.
When average wealth is higher than median wealth per adult, like in Singapore, it indicates that most of the rise in wealth has benefited the upper income brackets, UBS said in its report.
It added that since the global financial crisis in 2008, average wealth has risen by over 116 per cent in Singapore dollar terms, while median wealth has fallen 1.8 per cent.
This divergence, UBS said, indicates that the higher wealth brackets have done well since 2008, while those in lower wealth brackets have "essentially stagnated" over the same period.
The wealth pyramid in Singapore showed that there were 765,000 people (15 per cent of the adult population) at the bottom of the hierarchy with negative net worth of US$415 million. This means they had more debt, such as a mortgage for a home, than assets.
At the same time, the share of debt in Singapore was below 14 per cent in 2023, slightly above the average for the Asia-Pacific region at 12.9 per cent, and above Hong Kong's 9.6 per cent, UBS said in response to a query from The Straits Times.
Samuel Adams, an economist at UBS Global Wealth Management, said it is not necessarily a concern if debt levels rise.
He added that as economies become wealthier, people may be willing to take on more debt. "At the end of the day, it depends on what this debt is used for. Are they using it for productive purposes?"
Looking five years ahead, the Swiss bank expects the number of millionaires in Singapore to grow by 13 per cent to 375,725 in 2028.
This puts Singapore ahead of mainland China, where the number is expected to grow by eight per cent. However, the Republic's millionaire growth rate is behind India's (22 per cent growth), Hong Kong's (17 per cent) and Japan's (28 per cent).
This article was first published in The Straits Times. Permission required for reproduction. - asiaone
Singapore ranks 4th wealthiest city in the world, overtaking London: Report
According to the report, 3,400 high-net-worth individuals moved to Singapore in 2023 alone.
PHOTO: Lianhe Zaobao
PUBLISHED ONMAY 08, 2024 8:22 AMByANGELA TAN
SINGAPORE - Singapore has been ranked the fourth wealthiest city in the world, overtaking London, according to Henley & Partners.
According to the investment migration consultant's 2024 World's Wealthiest Cities Report, 3,400 high-net-worth individuals (HNWIs) moved to Singapore in 2023 alone.
The Republic - which is widely regarded as the most business-friendly city globally - is now home to 244,800 resident millionaires or individuals with liquid investable wealth of US$1 million (S$1.35 million) or more, 336 centi-millionaires with investable wealth of US$100 million or more, and 30 billionaires with investable wealth of US$1 billion or more.
This follows an impressive 64 per cent increase in millionaires over the past 10 years from 2013 to 2023, with Singapore looking set to unseat Tokyo as Asia's wealthiest city very soon.
Tokyo, which led the pack as the world's wealthiest city a decade ago, has suffered a 5 per cent drop in its resident HNWI population over the same 10-year period and now sits in third place with 298,300 millionaires, 267 centi-millionaires and 14 billionaires.
London, the wealthiest city in the world for many years, has continued to tumble down the ranking and now sits in fifth place with 227,000 millionaires, 370 centi-millionaires and 35 billionaires, a decline of 10 per cent over the past decade.
Meanwhile, Hong Kong has fallen four places over the 10-year period to ninth globally, with 143,400 millionaires, 320 centi-millionaires and 35 billionaires.
China has established a notable presence in the latest ranking, with Beijing and its 125,600 millionaires making it into the top 10 for the first time following a 90 per cent growth in its millionaire population over the past decade.
Shanghai, Shenzhen, Guangzhou and Hangzhou have all recorded significant increases in their millionaire populations too.
Mr Andrew Amoils, head of research at global data intelligence firm New World Wealth which worked with Henley on the report, said Shenzhen is the world's fastest-growing city for the wealthy, with its millionaire population exploding by 140 per cent in the last 10 years. Hangzhou also experienced a huge 125 per cent increase in its wealthy residents, while Guangzhou's millionaire numbers have grown by 110 per cent over the past decade.
New York City remained firmly in the top position globally, with wealth held by its residents exceeding US$3 trillion, higher than the total wealth held in most major Group of 20 countries .
The Big Apple is home to a staggering 349,500 millionaires, 744 centi-millionaires and 60 billionaires.
Hot on its heels in second place is Northern California's Bay Area, encompassing the city of San Francisco and Silicon Valley. The Bay Area saw its millionaire population grow by a whopping 82 per cent over the past decade, and is now home to 305,700 millionaires, 675 centi-millionaires and 68 billionaires.
Dr Juerg Steffen, chief executive officer of Henley & Partners, said a key factor driving growth in the world's wealthiest cities has been the strong performance of financial markets in recent years.
"The S&P 500's 24 per cent gain last year, along with the Nasdaq's 43 per cent surge and Bitcoin's staggering 155 per cent rally, has buoyed the fortunes of wealthy investors. Additionally, rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation," he said.
When it comes to the most expensive cities in the world, New York City came in second after Monaco. The average sq m price of a prime 200 sq m to 400 sq m apartment was US$35,500 in Monaco and US$28,400 in New York.
London came in third place with prime real estate averaging US$26,500 per sq m, followed by Hong Kong in fourth place at US$25,800 per sq m.
Singapore was ranked 11th, with its average prime real estate prices significantly lower at US$16,300 per sq m.
This article was first published in The Straits Times. Permission required for reproduction. - asiaone
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