Singapore's ultra-rich make money quicker than global and Asian peers

Singapore

SINGAPORE'S ultra high net worth (UHNW) population boosted their total net worth faster than the global average over the year, and also control more of the country's total wealth than most of the richest individuals elsewhere, a joint report by Wealth-X and UBS showed on Wednesday.

Total net worth of the UHNW individuals - who have at least US$30 million in net assets - stood at US$180 billion this year, up 12.5 per cent from a year ago. This beat the global average of 7 per cent, and the Asian average of 5.8 per cent.