40 people joined the list of Ultra High Net Worth individuals (UHNWIs) in Singapore in 2014, according to the Wealth-X and UBS World Ultra Wealth Report as reported in the media.
Singapore now has a record high of 1,395 UHNWIs, and their combined net worth is US$180 billion (S$234 billion), an increase of 12.5 per cent over the previous year.
The city-state is the sixth country in Asia with the most number of UHNWIs, and 19th on the global scale.
According to the report, these 1,395 UHNWIs control nearly 17 percent of the Singapore’s total wealth.
More than 20 percent of them are found in the finance, banking and investment industry, and 25 percent inherited their wealth and subsequently grew their fortunes through businesses or other ventures.
The report defines UHNWIs as those with US$30 million and above in net assets.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
