47 billionaires in S'pore in 2024, 66% are self-made: UBS report

The number of billionaires in Singapore has increased from 41 in 2023 to 47 in 2024, according to the Billionaire Ambitions Report 2024 published by Swiss bank UBS.

Collectively, these 47 billionaires possess a total wealth of US$155.5 billion (S$208.6 billion).

This amount marks a 14.5 per cent increase from the billionaires' collective wealth in 2023, which was US$135.8 billion (S$182.1 billion).

However, not all billionaires in Singapore are born with a silver spoon, as the report indicated that 66 per cent of them are self-made.

It is noteworthy that UBS computed the statistics above after surveying its billionaire clients booked in Singapore.

The report did not specify the citizenship and residency status of these billionaires.

Billionaires moving to Singapore

According to UBS, one reason for the increase in the number of billionaires in Singapore is the influx of the wealthy to the country.

Besides Singapore, billionaires are also moving to places such as Switzerland, the United Arab Emirates, and the United States.

When asked why the group chose to relocate, a billionaire in the U.S. said they did so "not just for tax benefits, but also for safety and political reasons".

"Unless the political divide addresses failed policies that have yet to curb crime, lack of rule of law and safety, as well as foster an economic climate that unleashes potential, I fear the trend will continue," added the billionaire.

UBS's findings in the report corroborated with those from the World's Wealthiest Cities Report 2024 released by British investment migration consultancy Henley and Partners.

According to Henley and Partners, Singapore is one of the world's top destinations for migrating millionaires, with 3,400 high-net-worth-individuals relocating to the country in 2023.

Its report also found a total of 244,800 millionaires with liquid investable wealth of at least US$1 million (S$1.36 million) to be living in Singapore as of December 2023.

Billionaires around the world

Globally, billionaires in the U.S. accrued the largest gains in 2024, with their collective wealth rising by 27.6 per cent to US$5.8 trillion (S$7.78 trillion).

According to UBS, this amount accounts for more than 40 per cent of billionaire wealth worldwide.

Within Asia Pacific, the collective wealth of billionaires in Indonesia grew the fastest in 2024.

While the country only saw four more billionaires this year than in 2023, Indonesia's billionaires possess a total wealth of US$182.3 billion (S$244.6 billion).

This translates to a 47.1 per cent increase from the billionaires' collective wealth in 2023, which was US$123.9 billion (S$166.2 billion).

In contrast, the number of billionaires in Malaysia decreased from 14 to 11 this year.

Correspondingly, the collective wealth of billionaires in the country shrank from US$38.3 billion (S$51.3 billion) to US$34.1 billion (S$45.7 billion).

Related stories

Top image via Canva