Sign up | Log in



Home  >>   Daily News  >>   Singapore News  >> Economy  >> 101,000 Singapore millionaires in 2012
NEWS UPDATES Asean Affairs   21 June 2013  

101,000 Singapore millionaires in 2012

The  share market rally sharply increased the ranks of Singapore's wealthy last year.

New figures out the day before yesterday show that there were 101,000 millionaires by the end of 2012 in Singapore, a jump of 10.3 per cent over 2011.

Their total wealth went through the roof as well and was estimated to have hit US$489 billion (S$615 billion), up 11.5 per cent on the 2011 level.

The report by Capgemini and RBC Wealth Management defines a millionaire as someone with US$1 million or more in investable assets.

Barend Janssens, the head of emerging markets at RBC, said yesterday: "Singapore's prowess as a financial centre is without doubt, very, very strong.

"We see interest out of the region for people to invest here or invest that money through Singapore."

Yet while the numbers of Singapore's wealthy and the value of their assets is growing fast, the expansion rate is still behind Hong Kong's.

The number of Hong Kong millionaires soared by 35.7 per cent to 114,000 last year from 2011, while their total wealth grew at 37.2 per cent to US$560 billion.

The jump was high due to Hong Kong coming from a "much poorer performance on the stock exchange in 2011", said Janssens.

He also noted that Indonesia and Thailand were doing well, with double-digit growth in the number of millionaires, although full figures for the region are not in yet.

Credit Suisse economist Michael Wan said Singapore's growth rates may seem lower than other countries, but factors such as the size of population have to be considered.

He added: "In broad terms, Singapore is still quite well-positioned as a financial centre and a wealth management hub. We have several advantages over Hong Kong, barring the haze right now."

The report found that the number of Asian-Pacific millionaires grew 9.4 per cent to 3.68 million last year, while North America added 11.5 per cent to 3.73 million.

The report included results from a survey of more than 4,400 millionaires across 21 countries.

It found that their main focus was preserving wealth while increasing it was a secondary concern.

RBC's Janssens added that Singapore's millionaires tend to be more conservative in their investment choices, which is why the growth in millionaire numbers and wealth levels are not as high as in Hong Kong.

Yet Singapore's numbers speak for themselves, he added, noting: "The average wealth per individual for Singapore and Hong Kong would roughly be the same.

"If you have 100,000 wealthy individuals, with a total of almost US$500 billion in assets here, those are very significant numbers."

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories    21 June 2013 Subsribe Now !
• AIT to promote Habitech Building Technology in Africa Subcribe: Asean Affairs Global Magazine
• Marking ASEAN Dengue Day Asean Affairs Premium
• Thailand and the Philippines to Sign Three Important Documents
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• 101,000 Singapore millionaires in 2012
• Port project all at sea: Vinalines to pull out
• Myanmar must stand tall on illegal wildlife trade
Asean Analysis            21 June 2013 Advertise Your Brand
• Asean Analysis- June 21, 2013
Kerry, Wheels Up to Asia…Wait, the Middle East and Brunei
• Asean Analysis- June 21, 2013
Still Window-dressing’: Civil Society Launches Third Performance Report on the AICHR
• Asean Weekly: The Biweekly Update
Asean Stock Watch     20 June 2013
• Asean Stock Watch-June 20, 2013  

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand