The number of Singaporean millionaires may increase by more than 60 percent in the next five years following a surge in millionaires forecast in the region after financial capitals emerge from the COVID-19 pandemic, according to the 2021 Global Wealth Report released by Credit Suisse Group AG.

Illustrative image (Source: VNA)

The report shows that Singapore may have 437,000 millionaires by 2025 compared with 270,000 in 2020, representing a rise of 62 percent, a faster growth than Hong Kong’s estimated 60 percent for the period, but slower than the growth forecast in China, India, Australia, the Republic of Korea and Taiwan (China).

Singapore’s millionaire density – or percentage of millionaires in the total population –  was 5.5 percent in 2020, the second-highest in Asia after Hong Kong’s 8.3 percent, the report says.

The country’s Gini coefficient – a more broad-based measure of wealth inequality – was at 78.3 in 2020, much higher than Japan’s 64.4, the Republic of Korea’s 67.6 and Taiwan’s 70.8.

The wealth share of the top 1 percent in Singapore was almost 34 percent at the end of 2020, compared with 18 percent in Japan, 24 percent in the Republic of Korea and 28 percent in Taiwan.

Source: VNA