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The number of millionaires in Singapore has jumped by 32.7 percent over the past two years as stock and property markets rebounded, the Straits Times reported, quoting estimates from Merrill Lynch Wealth Management and Capgemini.
The total number of high net worth individuals (HNWIs) in the city-state — those with at least US$1 million in net assets — has grown to 80,947 from 61,000 in 2008, according to the newspaper’s report.
A recent study by the Boston Consulting Group put the number of people with at least US$1 million last year at 11.4 percent of households, which is equivalent to about 125,000, the paper cited.
“A rising tide lifts all boats,” Nick Pollard, chief executive of private bank RBS Coutts Asia, was quoted as saying. “With Asia recovering more quickly than most other regions, the net worth of private clients in this region has also risen as their investment portfolios are largely concentrated in Asia.”
Worldwide, the population of HNWIs grew 17.5 percent to 10 million last year from the previous year while their global wealth rose 18.9 percent to US$39 trillion, according to the Worldwide Wealth Report 2010 of Merrill Lynch and Capgemini.
Asia-Pacific HNWI wealth surged 30.9 percent to US$9.7 trillion in 2009, more than erasing 2008 losses and surpassing the US$9.5 trillion in wealth held by European counterparts, it said.
“Major asset classes (equities, fixed income, real estate and alternative investments) all rebounded after severe losses in 2008. Commodities also posted substantial gains, while currencies remained heavily tied to underlying economic performance,” the report stated.