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Jun 24, 2010
Rise in millionaires here
<!-- by line -->By Gabriel Chen & Fiona Chan
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The report, released on Wednesday, showed that Singapore's number of millionaires rose 32.7 per cent from an estimated 61,000 in 2008. -- ST PHOTO: WANG HUI FEN
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THE number of millionaires in Singapore has risen by one-third to 80,947, the latest study by Merrill Lynch Wealth Management and Capgemini SA has estimated.
This is thanks largely to rising property and stock prices in the past last year, and highlights that the drivers of wealth creation in Singapore are assets owned by the rich.
The report, released on Wednesday, showed that Singapore's number of millionaires rose 32.7 per cent from an estimated 61,000 in 2008. A millionaire is defined someone with net assets of at least US$1 million, excluding his main residence and everyday possessions.
The latest findings come on the heels of a recent Boston Consulting Group (BCG) study which showed that Singapore added millionaires at a faster rate than anywhere else in the world last year.
A total of 11.4 per cent of households here own more than US$1 million. This works out to around 125,000 millionaire households here at the end of last year, BCG said.
Observers say that the sharp rise is because the well-heeled here invested heavily in stocks and real estate, both of which suffered in the crisis but performed much better last year when economic conditions improved.
Read the full story in Thursday's edition of the Straits Times.http://www.straitstimes.com/PrimeNews/Story/STIStory_544795.html
Rise in millionaires here
<!-- by line -->By Gabriel Chen & Fiona Chan
<!-- end by line -->
<!-- end left side bar -->
<!-- story content : start -->
THE number of millionaires in Singapore has risen by one-third to 80,947, the latest study by Merrill Lynch Wealth Management and Capgemini SA has estimated.
This is thanks largely to rising property and stock prices in the past last year, and highlights that the drivers of wealth creation in Singapore are assets owned by the rich.
The report, released on Wednesday, showed that Singapore's number of millionaires rose 32.7 per cent from an estimated 61,000 in 2008. A millionaire is defined someone with net assets of at least US$1 million, excluding his main residence and everyday possessions.
The latest findings come on the heels of a recent Boston Consulting Group (BCG) study which showed that Singapore added millionaires at a faster rate than anywhere else in the world last year.
A total of 11.4 per cent of households here own more than US$1 million. This works out to around 125,000 millionaire households here at the end of last year, BCG said.
Observers say that the sharp rise is because the well-heeled here invested heavily in stocks and real estate, both of which suffered in the crisis but performed much better last year when economic conditions improved.
Read the full story in Thursday's edition of the Straits Times.http://www.straitstimes.com/PrimeNews/Story/STIStory_544795.html
