Singapore Has 180,000 Millionaires and 1,000 of Them are ‘Crazy Rich’

October 19, 2018

People in Singapore are literally becoming crazy rich, a new report suggests.

The island city-state has 183,737 millionaires, and about 1,000 have more than $50 million, according to Credit Suisse Research Institute’s 2018 Global Wealth Report.

The report, published on Thursday, analyzed wealth of five billion adults from the least to the most affluent.

Singapore’s number of millionaires marks an 11.2% increase from mid-2017 to mid-2018.

Of these people, those with over $50 million — the “crazy rich” — rose by 1.1%.

Meanwhile, wealth per adult increased 5.3% to more than $283,120, making Singapore the world’s ninth richest nation.

The current wealth per adult is also an increase of more than 146% since 2000, resulting from a combination of high savings, asset price growth and a rising exchange rate between 2005 and 2012, the Straits Times noted.

Overall, household wealth in Singapore soared by 7.4% to $1.3 trillion.

Financial assets comprise 55% of the gross household wealth, similar to Switzerland, the wealthiest country per capita economy.

The report predicted that Singapore will have 239,640 millionaires in the next five years, a growth of 5.5% per year, Business Insider noted.

Interestingly, the nation’s average debt of $53,000 is reportedly “moderate” for a high-wealth country.

The report also found the US and China as top contributors to global wealth. America added $6.3 trillion and took its total to $98 trillion, while China added $2.3 trillion and hit $52 trillion.

“The United States and China are the obvious outperformers and drivers of wealth growth, despite rising trade tensions,” said John Woods, Credit Suisse’s chief investment officer for Asia-Pacific.

He added that Asia-Pacific is the largest wealth region, having its household wealth rise by 3% to over $114 trillion.

“Asia-Pacific countries continue to make significant contribution to global high net worth wealth pool, with China, Japan, Australia, Korea and Taiwan making up more than 8.8 million millionaires, representing over 20% of the global total.”

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