The number of millionaires in Singapore has risen to 333,204 in 2023, according to the 15th edition of Global Wealth Report produced by the Union Bank of Switzerland (UBS).

This is a 0.4 per cent increase from 2022.

The 2023 wealth report included findings about household wealth in 56 markets, representing 92 per cent of wealth in the world.

Millionaires are defined to be individuals with a wealth of US$1 million (S$1,341,600) and more.

0.6 per cent of the world's millionaires in Singapore

In 2023, 1.5 per cent of the world's adult population analysed by UBS were millionaires.

The United States had the highest number of millionaires, at nearly 22 million people (or 38 per cent of the total).

Mainland China came in second with just over six million while the United Kingdom had around three million.

0.6 per cent of millionaires were in Singapore.

The number of millionaires is expected to increase in 52 out of 56 markets in the next five years, UBS's report revealed.

Notably, the increase in the number of millionaires in the Taiwan market may hit 50 per cent.

USB estimated the number of millionaires in Singapore to increase by 13 per cent to 375,725 by 2028.

Other findings

The report also revealed that Singapore's average wealth growth strongly exceeds the median growth.

In 2023, Singapore's average wealth per adult in Singapore stood at US$397,708 while its median wealth per adult was US$104,959.

This report explained that while all wealth brackets in Singapore experienced growth in wealth, the higher wealth brackets have experienced faster growth than the lower ones.

Looking at the period from 2008 to 2023, Singapore's average wealth grew by 116 per cent in the past 15 years. However, its median wealth decreased by 2 per cent in the same time period.

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