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.
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./.
Despite the latest round of tighter COVID-19 restrictions, Singapore’s economy will grow by 6.5 percent this year, higher than the Government’s forecast of 4-6 percent, according to the latest survey released by the Monetary Authority of Singapore (MAS).
According to results of the latest census announced on June 16, Singapore’s population saw an annual growth of just 1.1 percent in the last decade, which is the slowest rate since independence in 1965.
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Illustrative image (Source: VNA) 
