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To join the top 1 per cent of the wealthiest people in Singapore, your net worth needs to be US$3.5 million (S$4.74 million).

This is according to Knight Frank's Wealth Report, which was updated on May 16, 2023.

This is in comparison to other countries like Malaysia, which only requires US$485,000 (S$656,673).

Singapore has the highest threshold in Asia required to be in the top 1 per cent in terms of individual net wealth.

Hong Kong is second, with a threshold of US$3.4 million (S$4.6 million) in the top 1 per cent.

This is followed by Japan at US$1.7 million (S$2.3 million), China at US$960,000 (S$1.29 million), Malaysia at US$485,000 (S$656,673) and the Philippines at US$57,000 (S$77,176).

In the report, a high-net-worth individual is someone with a net worth of US$1 million or more, including their primary residence.

The number of millionaires in Singapore whose net wealth is above US$1 million (S$1,354,035) has increased from 519,619 in 2021 to 570,548 in 2022, according to Knight Frank's report.

In addition, it is projected that in 2027, the number will further increase to 815,699.

There are also 4,498 individuals in 2022 whose net worth is considered "ultra-high" as it is above US$30 million (S$40,611,750).

This is compared to 2021 when the number of individuals whose net worth was more than US$30 million was 4,206.

It is projected that the number will continue to rise to 5,293 in 2027.

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