SINGAPORE: Singapore has seen an unprecedented surge in its millionaire population over the past decade, with a new report showing a dramatic 64% increase from 2013 to 2023.
The report highlights that Singapore is now home to 244,800 millionaires, with 336 billionaires, and 30 individuals classified as ultra-rich with a net worth exceeding US$1 billion. The report attributes this growth to Singapore’s robust business environment and status as one of the most attractive destinations for wealthy individuals seeking residency or citizenship.
The government has implemented various initiatives to attract foreign investment and talent, contributing to the burgeoning millionaire population.
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