That's around one in six households in Singapore are millionaires and that figure does not include housing, purely investable financial assets.
Coupled with news that China, Hong Kong and India are not far behind and growing fast demonstrates the power of the rising East and the falling financial power of the financially troubled West.
Hong Kong actually leads the world on highest proportion of Billionaires. “New world” money is staying in the East and “old world” money is coming this way too making a double whammy of investment.
The UK was no where to be seen in the survey, unsurprisingly really as they appear more concerned with celebrating the past and
obsessing about antiquated royalty in equal proportion to their dwindling global financial and political power. Meanwhile Republic countries in the “new world” soar, there may be a moral in that.
Just to put this in perspective Singapore enjoys nominal gross domestic product per capita of US$43,000, compared with a miserly US$36,000 for the UK according to the World Bank. That is 26% difference. And the gap is growing.
According to Boston Consulting worldwide investors increased offshore assets 2.7 percent to $7.8 trillion with Hong Kong and Singapore again among the beneficiaries. The two biggest Asian offshore booking centers may soon surpass Switzerland in terms of size, according to the report.
The shift in wealth growth to emerging economies poses a challenge for wealth-management firms based in the U.S. and Europe, according to Damisch.
Finding and keeping talent in these developing markets is a “key success factor”. This explains why firms as wide ranging as Goldman Sachs, Credit Suisse and HSBC are closing locations in the West, making people redundant in the process while employing ever more people in the new world power hubs of Singapore and Hong Kong.
With one in six households in Singapore millionaires clearly this is where the real party is!