More S'pore billionaires, but wealth growth lagging

[SINGAPORE] The wealth of Singapore's billionaires inched up by just 1.6 per cent to US$65 billion this year, according to the 2014 edition of Wealth-X and UBS Billionaire Census.

The growth rate paled in comparison to the rate at which billionaires' wealth has grown globally, estimated at 12 per cent. The study found a total of 2,325 billionaires globally, who own a total of US$7.3 trillion in wealth.

Singapore has 32 billionaires, an increase of 18 per cent from 27 last year. One reason that their aggregate wealth has remained flat is their heavy exposure to Asian assets. "In this region, equity markets have dramatically underperformed," said Simon Smiles, UBS managing director and chief investment officer for ultra high net worth. Singapore real estate prices have also been on a downtrend.