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Come 2030, more than 13 per cent of adults in Singapore will be worth more than US$1 million (S$1.38 million), a Aug. 16 HSBC report, "The Rise of Asian Wealth", said.

This proportion is higher than the United States, China and 12 other Asia-Pacific economies.

Number of millionaires to grow

Singapore is expected to see its share of millionaires among its residents grow from 7.5 per cent in 2021 to 9.8 per cent in 2025 and up to 13.4 per cent by the end of the decade, the survey said.

Singapore residents comprise permanent residents and citizens.

In absolute terms, this means that the number of millionaires in Singapore will rise from 400,000 currently to 700,000 in 2030.

Singapore topping list

At 7.5 per cent, the report also said Singapore currently has the second-highest number of millionaire adults based on the percentage share of its population, just after Australia with 8 per cent, and ahead of Taiwan at 5.9 per cent.

By 2030, Singapore will take the top spot at 13.4 per cent, followed by Australia at 12.5 per cent, and Hong Kong at 11.1 per cent.

By the end of 2030, only around 4 per cent of adults in mainland China and less than 1 per cent of adults in India are likely to be millionaires, noted the report.

In terms of proportion, there are likely to be more millionaires in Singapore, Australia, Hong Kong and Taiwan, than in the U.S., with South Korea and New Zealand not far behind.

Some 8.8 per cent of the adult population in U.S. is expected to be millionaires by 2030.

In China, the figure is expected to be 4.4 per cent.

The large number of millionaires in some countries is due to the large sizes of their population, on top of their wealth distribution and level of economic development, the report explained.

The determinants of wealth is based on the residents' bank deposits, investments in bonds and equities, assets held by pension funds or insurance companies, as well as their real estate holdings after deducting any outstanding mortgage amounts, according to the report that compares 15 economies in the region.

However, in absolute numbers, China will continue to have the highest number of millionaires, rising from about 17 million to 50 million by the end of the decade, and can reach nearly 80 million by 2035.

The number of millionaires in India is also set to hit 6.6 million by 2030, exceeding the whole of the Association of Southeast Asian Nations (Asean) region, the report said.

Those with US$250,000 net worth

Singapore is also expected to see the proportion of its residents having at least US$250,000 (S$346,000) of wealth standing at 67 per cent by 2030 -- up by about 10 percentage points from 2021.

In terms of the percentage share of the population, this will make Singapore the second-highest city in the region with individuals of this net worth, just after Australia at 70.8 per cent.

Both economies share the same top two spots in this category in 2021.

In China, the number of adults with a net wealth of at least US$250,000 is expected to double to around 350 million by 2030.

This figure in India could triple to 57 million.

Top photo via jiachenlin/ Unsplash