One in every 707 people in Singapore are worth over US$30 million!
They say that if you throw a stone up in the air in Singapore, it is likely to land on a millionaire. That is how densely populated the city state is with millionaires.
Even in America, one in every 20 Americans is a millionaire. In the uber rich country of Monaco, that’s child’s play.
Monaco, in fact, boasts one ultra-high net worth individual, (an individual with net assets totalling US$30 million or more), for every 56 people!
This number is the highest density of high net worth individuals in a city anywhere in the world, according to a new report from wealth tracking firm Wealth-X.
Monaco is a popular banking destination as it has no income tax. The city-state was previously estimated to have nearly one in three millionaires out of its population of about 39,000.
According to the study, Wealth-X found that there were 686 ultra-wealthy people in Monaco —many of whom are foreigners with second homes in the principality.
But there are 100 ultra-wealthy Monegasques with primary residences there. In fact, Monegasques are a minority in their own country since its population is primarily made up of French, followed by Italian and British.
The next densest city on Wealth-X’s list is Geneva, Switzerland, with one ultra-wealthy net worth individual for every 221 people.
According to the study, these are the top 10 cities, ranked by the density of ultra-high net worth individuals:
10. Los Angeles (1 in 1,622)
9. New York (1 in 1,392)
8. London (1 in 1,388)
7. Hong Kong (1 in 918)
6. Zurich (1 in 783)
5. San Francisco (1 in 737)
4. San Jose (1 in 716)
3. Singapore (1 in 707)
2. Geneva (1 in 221)
1. Monaco (1 in 56)
Singapore has made top 3 on the list, boasting one ultra-rich individual per 707. According to this Singapore Business Review report, one in every 25 ultra rich Asians reside in Singapore.
But remember how we defined ultra rich as those with more than US$30 million in net assets earlier? So, while Singapore may have 1 ultra rich individual out of 707, bear in mind that there are 1,400 individuals in Singapore with a net worth of over US$50 million!
Singapore is also ranked top ninth in the world in terms of household wealth per adult. Average wealth rose from US$115,560 in 2000 to US$268,800 in 2017, Credit Suisse Research revealed, adding that Singapore also recorded median wealth per adult of US$108,900.
Well, is it really a surprise that Singapore has so many ultra-high net worth individuals considering Singapore is one of the most expensive cities in the world?
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