Ultra-rich Singaporeans

Ultra-rich Singaporeans Hit Over 4,000 In 2021

SINGAPORE – The number of millionaires in the city-state increased to 526,370 last year from 498,396 in 2020, while the number of ultra-high-net-worth individuals (UHNWIs) climbed 8.6 percent to 4,206 from 3,874 previously, according to Knight Frank’s latest edition of The Wealth Report that was published on Tuesday morning (2 March, SGT).

By 2026, Asia will surpass Europe as the second biggest regional wealth hub. By then, Knight Frank expects that that Singapore will see a 268 percent surge in its UHNWI population to around 6,000. UHNWIs are defined as those with net assets of at least US$30 million.

In Singapore, the real estate consultancy reckons that wealthy individuals could be attracted to the city-state’s many property opportunities that take the form of urban buildings with high-intensity use.

“Singapore continues to be an oasis for investments attributed to its political stability, best-in-class medical infrastructure and many business-friendly incentives. As a result, more family offices are keen to explore this island-country as a gateway to access Asian investments. There are abundant opportunities available for capital preservation and appreciation,” commented Wendy Tang, Managing Director at Knight Frank Singapore

Among the commercial properties that could pique the interest of super-wealthy individuals and families are strata office units in the central business district (CBD), where individual office space within a building can be purchased and owned

These commercial properties, which account for merely 17 percent of the overall office supply here, are expected to useful in the post-pandemic era, during which smaller and more flexible office space will be more sought-after, said Leonard Tay, Research at Knight Frank Singapore.

Meanwhile, Singapore rose to 7th place, overtaking Hong Kong in Knight Frank’s City Wealth Index. The top 5 in the index are London, New York, Paris, Los Angeles and Tokyo. Hong Kong is ranked 8th Notably, the index ranks the cities that matter to the world’s wealthy.

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