Number of millionaires Singapore 2014-2019

The millionaire population in Singapore stood at around 269 thousand in 2019 and is projected to increase to about 363 thousand in 2024. This estimated growth in the millionaire population reflects the trend of increasing household wealth in Singapore, which grew by more than 146 percent since 2000.

Millionaire’s playground

In 2019, the Economist Intelligence Unit ranked Singapore as the world’s most expensive city, alongside Paris and Hong Kong, whereas Julius Baer ranked it the second most-expensive city in Asia for luxury goods. The high cost of living in Singapore is in large part due to the extremely high cost of owning a car, as well as high property and food prices. With the tenth highest average wealth per adult in the world, and relatively low financial inequality, it seems that the residents of Singapore are able to afford life in the city with the third most expensive beer prices in the world.

Declining wealth in old age

The reality, however, is far less glamorous. While the median wealth per adult increased in 2019 from 2018, it was still the second-lowest value in the past five years. Many Singaporeans are feeling the pinch, especially the most vulnerable members of society, such as the elderly, who make up the majority of the workforce in jobs such as cleaning. Worryingly, many Singaporeans are also not financially prepared for retirement. This could lead to increasing inequality in the future, with many people unable to afford the lifestyle that they are accustomed to.

Number of millionaires in Singapore from 2014 to 2019, with a forecast for 2024

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Source

Release date

2020

Region

Singapore

Survey time period

2014 to 2019

Supplementary notes

*Forecasted.

A millionaire is defined as someone with a net wealth of one million U.S. dollars or more.

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