Singapore Millionaires

Singapore's wealthy

Some 30% are IndonesiansSingapore has fastest growing high net-worth population in the world: more details. Oct 22, 2007

According to Capgemini and Merrill Lynch's Asia Pacific Wealth Report 2007 (released in June) on Singapore's wealthy contains this old information:

* Singapore has 67,000 High Net Worth Individuals (HNWI) * Singapore has the fastest growing HNWI population at a rate of 21.2%.

But the report contains these new details:
With a combined wealth of US$320 billion, these rich individuals have an average net worth of US$4.9m, higher than the global average of US$3.9m and the Asia-Pacific average of US$3.3m.
An interesting finding is that “the Indonesian population residing in Singapore comprised a significant share of the local HNWI population and wealth.”

The report went on to estimate that in 2006 “approximately 19,000 HNWIs of Indonesian origin resided in Singapore and held approximately US$93b in financial wealth.”
In other words, close to 30% of the high net worth wealth here belong to Indonesians.
As for asset allocation, our HNWIs put the largest proportion (36%) of their wealth in real estate, compared to eight other Asia-Pacific countries. They also put the least proportion (10%) in fixed income instruments.

The report also noted that Singapore “has one of the few real estate markets that has surpassed pre-crisis levels.” Maybe this explains why property investments figure so significantly here.
And maybe property is becoming a bubble here.

As for their sources of wealth, 36% of our HNWIs became rich because of their businesses. 22% are wealthy because they inherited their fortunes.

To put it differently, inheritance is ranked second as a source of wealth for these rich individuals.
46% of them are in the 41-55 age group, while 32% are in the 56-70 age group.

Finally, 78% are male.

So, the typical millionaire in Singapore -
* Is male, * About 50 years old, * has about US$5m of financial assets not counting his residence, * likes to invest in property, * became wealthy from either business or inheritance, and is probably an Indonesian…