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Singapore To Become Asia’s Millionaire Capital In 30 Years Overtaking Hong Kong & Australia

by Sushmita Mahanta
Singapore To Become Asia’s Millionaire Capital In 30 Years Overtaking Hong Kong & Australia

Singapore could soon boost its status as a global millionaire capital. Yes, you heard it right! According to the latest report by global bank HSBC, over 13% of Singapore’s adult population will be worth $1 million or more, surpassing the proportion of millionaires in the U.S., China, and 12 other Asia-Pacific economies, in the coming eight years. As such, Singapore might soon have the largest proportion of millionaires in its adult population. Read on to know more about the details of the report by HSBC.

By 2030, Over 13% Of The Adult Population Of Singapore Will Be Worth $1 Million Or More

With 7.5% of millionaire adults, Singapore currently has the second-highest percentage, just behind Australia’s 8%, but ahead of Taiwan’s 5.9%. HSBC predicts that by 2030, over 13% of Singapore’s adult population will be worth $1 million or more, surpassing the proportion of millionaires in the U.S., China, etc. Only 8.8% of U.S. adults and 4.4% of Chinese adults will be millionaires. Among Asian economies, Singapore will lead. Australia will come in second to Singapore with around 12.5% of its adult population as millionaires by that time, and Hong Kong will come in third with 11.1%.
Singapore has always been a capitalist haven and HSBC expects it will continue to scale newer heights, especially in tech and finance with global businesses and professionals fleeing Hong Kong, and wealthy Chinese citizens shifting their capital to the country.

Many Of the World’s Richest Individuals Have Set Up Homes In The Country

Singapore already is home to some of the richest individuals in the World like Li Xiting, founder of China’s biggest medical equipment manufacturer, Mindray, Facebook co-founder Eduardo Saverin, founder of gaming and e-commerce giant Sea Forrest Li, etc. In an article for Business Today recently, HSBC chief Asia economist and cohead of Asia global research Frederic Neumann, who authored the HSBC bank’s report, revealed that the world should “take stock of Asia’s rising wealth.”
“The region’s overall financial wealth, from bank deposits to securities…[shows that it’s] hardly short of capital. [Asia’s] growing wealth shines a light on the societal resources that are ultimately available to lift millions more out of poverty,” said Neumann.

Also read: Singapore’s Changi Airport Becomes Asia’s Busiest Airport As International Passengers Throng

First Published: August 22, 2022 11:39 AM