_What It Takes to Be the Top 1% Wealthy in Singapore

Singapore is the second Asian country to register highest UHNWI growth last year; UHNWI population in 9 out of 14 countries tracked within Asia-Pacific are growing faster than the rest of the world.

March 10, 2021

The Knight Frank Wealth Sizing Model measures the size of HNWIs, UHNWIs and billionaire cohorts across over 200 countries and territories.

Singapore is the top Asian country with an entry point of US$2.9million in net worth to qualify as the top 1% wealthiest people in the country.

“In spite of the pandemic-led economic recession in Singapore and an overall fall in median household income from work of 2.4% between 2019 and 2020, the Knight Frank wealth sizing model projected that the number of UHNWIs in Singapore increased by about 10.2% annually to 3,732.” - Wendy Tang, Group Managing Director

The Knight Frank Attitudes Survey revealed that despite the pandemic, the wealthy have adjusted their portfolio.

Conducted in Q4 2020 involving over 600 private bankers, wealth advisors, intermediaries and family offices managing approximately US$3.3 trillion on behalf of UHNWIs across the globe, half of the respondents said that their clients’ wealth had increased in the past year despite the pandemic.

They highlighted three key themes as to why: diversification, equities, and property – which is consistent to how they have adjusted their clients’ portfolio at the onset of the pandemic in late 2019.

Apart from the biggest wealth creation and preservation worry – the ongoing disruption by COVID-19 – respondents to the Knight Frank Attitudes Survey in Asia-Pacific* generally take an optimistic view in terms of wealth growth, with over 80% predicting their clients’ wealth to increase or increase significantly in 2021.

“Singapore is well-positioned to ride on the growth and acting as a jump-off point and a hub for the region. As such, the number of UHNWIs in Singapore is forecasted to enlarge by about 31.0% between 2020 and 2025 to 4,888.” - Wendy Tang, Group Managing Director

How deep do your pockets need to be to get in you in the top 0.1% of the world's wealthiest?

Explore more on The Wealth Report 2021.

About the Wealth Report by Knight Frank

The Wealth Report 2021 is backed by 125 years of real estate experience. We explore where the wealthy live, invest and spend time, as well as forecast the future residential hotspots around the world. Our global data and research experts deliver innovative advice that creates tangible value for our clients, enhancing lives and environments.

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