Number of millionaires in Singapore expected to rise 61.9% by 2025: Credit Suisse report

THE number of millionaires in Singapore is expected to jump by 61.9 per cent by 2025 to about 437,000, from the current 270,000 millionaires, according to a global wealth report by Credit Suisse.

Singapore ranked 11th globally in terms of millionaire density, with about 1,361 ultra-high-net-worth adults with net worth exceeding US$50 million in 2020.

Even in the midst of a pandemic, total wealth in Singapore grew to US$1.6 trillion last year, up from US$1.5 trillion in 2019.