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Number of Singaporean millionaires forecast to rise 60 pct in five years

The number of Singaporean millionaires may increase by more than 60 percent in the next five years following a surge in millionaires forecast in the region after financial capitals emerge from the COVID-19 pandemic, according to the 2021 Global Wealth Report released by Credit Suisse Group AG.
Number of Singaporean millionaires forecast to rise 60 pct in five years ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – The number of Singaporean millionairesmay increase by more than 60 percent in the next five years following a surgein millionaires forecast in the region after financial capitals emerge from theCOVID-19 pandemic, according to the 2021 Global Wealth Report released by CreditSuisse Group AG.

The report shows that Singapore may have 437,000millionaires by 2025 compared with 270,000 in 2020, representing a rise of 62percent, a faster growth than Hong Kong’s estimated 60 percent for the period,but slower than the growth forecast in China, India, Australia, the Republic ofKorea and Taiwan (China).

Singapore’s millionaire density – or percentage ofmillionaires in the total population –  was 5.5 percent in 2020, thesecond-highest in Asia after Hong Kong’s 8.3 percent, the report says. 

The country’s Gini coefficient – a more broad-based measureof wealth inequality – was at 78.3 in 2020, much higher than Japan’s 64.4, theRepublic of Korea’s 67.6 and Taiwan’s 70.8.

The wealth share of the top 1 percent in Singapore wasalmost 34 percent at the end of 2020, compared with 18 percent in Japan, 24percent in the Republic of Korea and 28 percent in Taiwan./.

VNA
#Singaporean millionaires#2021 Global Wealth Report#COVID-19#Gini coefficient#Singapore#Vietnam#Vietnam news#Vietnam News Agency
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