Today-Aug 17
In eight years’ time, more than 13 per cent of adults in Singapore will be worth more than US$1 million (S$1.38 million), a proportion higher than the United States, China and 12 other Asia-Pacific economies, said an HSBC report. In Singapore, Australia, Hong Kong and Taiwan, there are likely to be more millionaires on a relative basis than in the US, with South Korea and New Zealand coming close, the report also said. Comparatively, the US is expected to have 8.8 per cent of its adult population as millionaires by 2030 while the figure for China is expected to be 4.4 per cent. Singapore is expected to see its share of millionaires among its residents, which comprise permanent residents and citizens, grow from 7.5 per cent in 2021 to 9.8 per cent in 2025 and up to 13.4 per cent by the end of the decade. In absolute terms, this means that the number of millionaires in Singapore will rise to 700,000 in 2030, up from 400,000 currently. The survey compares 15 economies in the region, including Singapore, China, Japan, Malaysia and Taiwan. Mr Frederic Neumann, HSBC’s chief economist for Asia, said that although the region is going through economic instability, it is nevertheless worth taking stock of Asia’s rising wealth at this juncture. This is because the deepening pool of local savings provides “a measure of resilience against the vagaries of global financial markets”. The report said that currently, Singapore has the second-highest (7.5 per cent) number of millionaire adults based on the percentage share of its population, just after Australia (8 per cent) and ahead of Taiwan (5.9 per cent). By 2030, Singapore will take the top spot at 13.4 per cent, followed by Australia (12.5 per cent) and Hong Kong (11.1 per cent). Read more at: https://www.todayonline.com/singapore/13-spore-population-become-millionaires-2030-highest-proportion-among-asia-pacific-economies-hsbc-report-1971636
