Singapore is expected to add an average of 37,600 millionaires a year through 2020.
That’s an estimated total of 188,000 millionaires over the next five years, or an 18% growth rate — faster than the 16% Hong Kong will see, according to WealthInsight. It also means one in 30 Singaporeans will be a millionaire by then.
Singapore currently has about 154,000 high net worth individuals, with collective net worth hitting more than $806 billion. That’s roughly 3% of Singapore’s population of 5.5 million.
“Singapore’s burgeoning financial markets, renowned private banking and superior quality of life are continuing to attract high net worth individuals from neighboring countries,” Oliver Williams of WealthInsight said in a statement. “We’re currently seeing a large influx of Indian and Chinese millionaires into the country.”
Overall, Hong Kong still has more millionaires than Singapore — 193,000 are in the Chinese territory. But recent political uncertainty, including last year’s pro-democracy protests in the city, may have made it less attractive to some rich individuals, Williams said.
Hong Kong and Singapore are both considered major financial hubs in Asia and have tax-friendly policies that are attractive to the wealthy and to companies.
China now has more than 1 million millionaires. The U.S. has about 9.63 million households worth at least $1 million.