Singapore's Multimillionaires_ New Wealth Report Busts The Myths - Forbes.pdf
10/10/2013
Singapore's Multimillionaires: New Wealth Report Busts The Myths - Forbes
Neerja Jetley, Contributor
I write on how people create, invest, spend and destroy wealth
FO RBE S ASIA | 9/27/2013 @ 2:49AM | 52,458 views
Singapore's Multimillionaires:
New Wealth Report Busts The
Myths
Who is the archetypical
Singaporean multimillionaire? Is he the big spender who pays $4.23 million in the blink of an eye for a
Koenigsegg Agera or one who parks his hyper car at his penthouse in
Hamilton Scotts? Is he the party thrower who routinely chalks up six-digit bills at nightclub Pangaea or the high roller putting $400,000 in a single bet at Marina Bay Sands,
Singapore’s new casino?
The world's richest city is home to the new wealthy from India, China, Indonesia,
Philippines, Australia and Malayasia (Photo credit: Wikipedia)
Ever since Singapore embarked on its official mission to follow money, money has followed it with equal ardor.
And along with that comes the stories of excess, over-the-edge wealth and stupendously rich indulgences. “ $26,000 cocktails. Traffic jams freckled with
Ferraris. A380 jet converted to include a pool and basketball court. The world’s sternest city is now the richest,” declared a recent report by the Wall
Street Journal
No untruth in that. Singapore is now the world’s fastest growing wealth hub with $1.3 trillion assets under management, and is slated to overtake
Switzerland as the world’s largest offshore wealth center by 2020. Roughly one in every 30 Singaporeans was a dollar millionaire in 2012. It is estimated that by 2017, one in every 20 Singaporeans will be a millionaire. This segment that currently holds $857 billion, or 85.7% of the total individual wealth, will grow by 63% and hold $1.39 trillion by 2017. Among these millionaires, there are 3,870 multimillionaires (individuals with net worth of over $30 million) in
2012 with average wealth of $86 million per person and they will grow
Singapore's Multimillionaires: New Wealth Report Busts The Myths - Forbes
Neerja Jetley, Contributor
I write on how people create, invest, spend and destroy wealth
FO RBE S ASIA | 9/27/2013 @ 2:49AM | 52,458 views
Singapore's Multimillionaires:
New Wealth Report Busts The
Myths
Who is the archetypical
Singaporean multimillionaire? Is he the big spender who pays $4.23 million in the blink of an eye for a
Koenigsegg Agera or one who parks his hyper car at his penthouse in
Hamilton Scotts? Is he the party thrower who routinely chalks up six-digit bills at nightclub Pangaea or the high roller putting $400,000 in a single bet at Marina Bay Sands,
Singapore’s new casino?
The world's richest city is home to the new wealthy from India, China, Indonesia,
Philippines, Australia and Malayasia (Photo credit: Wikipedia)
Ever since Singapore embarked on its official mission to follow money, money has followed it with equal ardor.
And along with that comes the stories of excess, over-the-edge wealth and stupendously rich indulgences. “ $26,000 cocktails. Traffic jams freckled with
Ferraris. A380 jet converted to include a pool and basketball court. The world’s sternest city is now the richest,” declared a recent report by the Wall
Street Journal
No untruth in that. Singapore is now the world’s fastest growing wealth hub with $1.3 trillion assets under management, and is slated to overtake
Switzerland as the world’s largest offshore wealth center by 2020. Roughly one in every 30 Singaporeans was a dollar millionaire in 2012. It is estimated that by 2017, one in every 20 Singaporeans will be a millionaire. This segment that currently holds $857 billion, or 85.7% of the total individual wealth, will grow by 63% and hold $1.39 trillion by 2017. Among these millionaires, there are 3,870 multimillionaires (individuals with net worth of over $30 million) in
2012 with average wealth of $86 million per person and they will grow