It may have a small population, but Singaporeans are a wealthy lot. According to Credit Suisse Research Institute's Global annual wealth report, 207,000 millionaires reside in Singapore and 5% of them are also part of the world's richest 1% of people (with over $ 936,400). Additionally, 2.18 million people in Singapore find themselves ranked amongst the world's richest 10%.
Despite their high rank, wealth inequality is the country is "not extreme". While the global average for people with wealth below $ 10,000 is at 57%, Singapore clocked in a much much smaller 14% in 2019. The majority of Singaporeans have wealth between $10,000 and $1 million.
The report compared the household wealth of 5.1 billion people worldwide with the world's three richest nationalities, Switzerland, Hong Kong and the United States. According to the report, global wealth has grown by 2.6% in the past year and is now at USD 360 tn. Wealth per adult has also reached a record high of $ 70,850. "US, China and Europe contributed the most towards global wealth growth with USD 3.8tn, USD 1.9tn and USD 1.1tn respectively," the report says.
The wealth per adult in Singapore had grown steadily between 2000 and 2012, but then began to fall due to currency depreciation. It has however seen a resurgence since 2015 and the average person's wealth in 2019, according to the report is about $ 300,000. This makes Singaporeans Asia's second richest.
In related news, the report also anticipates that the number of millionaires will grow "markedly over the next five years to reach almost 63 million, while the number of Ultra-high net-worth individuals (UHNWIs) will reach 234,000".
Millennials, however, have not fared too well, says the report. "Not only were they hit at a young age by the global financial crisis, its associated recession and the poor job prospects that followed, but they have also been disadvantaged in many countries by high house prices, low interest rates and low incomes, making it difficult for them to buy property or accumulate wealth."
The report adds however that parental financial help and inheritance may come to their aid. "Inheritances are expected to have more significant wealth distribution consequences in future, probably adding to the inequality pressures from other sources."