Number of millionaires in S’pore rose to more than 333,000 in 2023; global tally shrank: UBS report

In 2023, Singapore's millionaire population increased slightly to 333,204, representing 0.6% of the world's millionaires, according to UBS's Global Wealth Report.

Despite the global number of millionaires dropping from 59.4 million in 2022 to 58 million in 2023, Singapore saw a rise, with its millionaires holding a combined net worth of US$1.2 trillion. The average wealth per Singaporean adult was US$397,708, ranking the country eighth globally.

Wealth distribution, however, remains characteristically uneven in the highly developed city-state, with median wealth at just US$104,959.

UBS predicts Singapore's millionaire population will grow by 13% by 2028, outpacing China but trailing behind India, Hong Kong, and Japan.

Article by Chor Khieng Yuit for ST. Read more here or in the PDF below.

Number of millionaires in S’pore rose to more than 333,000 in 2023; global tally shrank_ U.

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