Singapore’s billionaire population grows, reflecting a surge in wealth

SINGAPORE: The number of billionaires in Singapore has seen a notable increase, rising from 41 in 2023 to 47 in 2024, according to the latest Billionaire Ambitions Report 2024 published by Swiss bank UBS and featured by Mothership.

This growing elite collectively holds a staggering US$155.5 billion (S$208.6 billion), marking a 14.5% surge from last year’s total wealth of US$135.8 billion (S$182.1 billion).

What’s more remarkable is that a majority of Singapore’s billionaires – 66% to be exact – have built their fortunes through their own efforts, underscoring the country’s reputation as a hub for self-made wealth.

UBS, which gathered these insights through surveys of its billionaire clients based in Singapore, did not specify the citizenship or residency status of these wealthy individuals.

However, the report suggests that Singapore’s growing appeal as a destination for the ultra-rich is contributing to this surge in billionaire numbers.

The trend of wealthy individuals relocating to Singapore is part of a broader global movement, with affluent individuals also flocking to countries like Switzerland, the United Arab Emirates, and the United States.

A U.S.-based billionaire cited not just tax advantages but also concerns over safety and political stability as key factors in their decision to relocate.

“Unless the political divide addresses failed policies on crime and safety, I fear the trend will continue,” the billionaire said.

This influx of wealth to Singapore is further backed by the findings of Henley and Partners’ World’s Wealthiest Cities Report 2024.

The consultancy’s report shows that Singapore is one of the top destinations for migrating millionaires, with 3,400 high-net-worth individuals choosing to relocate to the city-state in 2023.

By the end of 2023, Singapore was home to 244,800 millionaires, each with liquid investable wealth of at least US$1 million (S$1.36 million).

Globally, the U.S. saw the largest increase in billionaire wealth in 2024, with a remarkable 27.6% rise, pushing their collective wealth to a massive US$5.8 trillion (S$7.78 trillion). This accounts for more than 40% of the world’s billionaire wealth.

In the Asia Pacific region, Indonesia’s billionaire population saw the most significant growth, with a 47.1% increase in total wealth.

While the country added only four billionaires in 2024, their combined wealth soared to US$182.3 billion (S$244.6 billion). Conversely, Malaysia witnessed a decline, with its billionaire count falling from 14 to 11, and their collective wealth shrinking from US$38.3 billion (S$51.3 billion) to US$34.1 billion (S$45.7 billion).

These developments paint a picture of a rapidly changing global wealth landscape, with Singapore continuing to emerge as a major player in the race for billionaire wealth.