According to an HSBC analysis, Singapore will have more millionaires relative to its population within the next eight years than the US, China, or any other major economy.
In Singapore, the proportion of adults with wealth of at least $1.38 million increased from 7.5% to 9.8% and then to 13.4% between 2025 and 2030.
This study is focused on the residential population, which consists of both citizens and long-term residents.
According to HSBC, cash banks and investment assets like stocks and bonds were employed to measure the wealth of millionaires. After deducting any existing mortgage balances, real estate holdings, including owner-occupied properties, were also taken into account when conducting the study.
According to the bank, Singapore is second in Asia only to Australia in terms of millionaires per capita, with an 8% share in 2021. Australia will later fall to second place with 12% by 2030. It will have at least $1 million in cash and assets.
In addition, millionaires will make up 11.1% of the population in Hong Kong by the year 2020, 9% in the US, 7.2% in Japan, and 4.4% in China. According to the publication The Rise of Asian Worth, by 2030, Singapore will have 67% of the population with a wealth of at least $250,000. Australia will have 70.8% of the population.
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