News: A thousand millionaires in Singapore are ‘crazy rich’: Credit Suisse

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A thousand millionaires in Singapore are ‘crazy rich’: Credit Suisse

The number of millionaires in Singapore increased by about 11.2 percent and the household wealth in the country rose by 7.4 percent.
A thousand millionaires in Singapore are ‘crazy rich’: Credit Suisse

Out of the 42 million millionaires across the globe, Singapore accounts for 183,737.

In Singapore alone, the number of millionaires increased by 11.2 percent in the last 12 months until mid-2018. The Credit Suisse Research Institute’s 2018 Global Wealth Report found that household wealth in Singapore saw a 7.4 percent raise to about US$1.3 Tn.

The global wealth increased to $317 Tn that is a $14 Tn increase, according to Michael O’Sullivan, Regional Chief Investment Officer EMEA Credit Suisse.

The ultra high net worth persons are those who have accumulated and hold more than US$50 Mn in wealth, as per Credit Suisse. These individuals can also be termed as ‘crazy rich.’ Singapore has about 1,000 ‘crazy rich’ people by now--a 1.1 percent increase.

The report which looks at various components of wealth found that the structure of wealth building has shifted towards financial assets rather than real assets which was the case before 2008.

The report takes into account the data from 5 billion adults from around the world ranging from the wealthiest to the least wealthy members of the population.

“China is now clearly established in second place in the world wealth hierarchy,” O’Sullivan said.

The wealth pyramid created by Credit Suisse indicates that there still remains stark inequality between the haves and the have-nots. However, the median wealth has stabilized over the years.

Consumer behavioral patterns and wealth trends suggest that within the next five years, the world’s wealth would have risen to about $317 Tn, said O’Sullivan.

Topics: Global Perspective, Compensation & Benefits

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