Saturday, July 13

Singapore to have the highest number of millionaires by 2030

 

We all know Singapore as a highly strategic business hub, the country’s high connectivity has pushed the country into a very lucrative position. 

Singapore’s unique location at the crossroads of East and West has positioned the city-state as a major worldwide trading hub. Because of its location, it has easy access to markets in Thailand, Vietnam, Cambodia, Malaysia, Indonesia, the Philippines, and Myanmar.

Singapore’s marine port was connected to 600 other ports in 123 countries via 200 shipping lines as early as 2011, while Changi Airport was listed among Asia’s top five for air cargo, with over 6,100 weekly flights connecting to 210 destinations in 60 countries.

According to the analysis, nearly 13% of Singapore’s adult population will be worth $1 million or more in eight years, surpassing the proportion of millionaires in the US, China, and 12 other Asia-Pacific nations.

According to the bank, only 8.8 percent of US individuals and 4.4 percent of Chinese adults will be millionaires by 2030. Among Asian economies, Australia will be second only to Singapore, with around 12.5% of its adult population becoming millionaires by that time, and Hong Kong will be third with 11.1%.

According to a forecast by HSBC Holdings Plc, Singapore will surpass Australia as the Asia-Pacific region’s largest share of millionaires in the adult population by 2030.

According to HSBC, the financial hub is predicted to lead the list in Asia-Pacific, followed by Australia, Hong Kong, and Taiwan. According to the estimate, the proportion of millionaires in the four countries would be higher than in the US by the end of the decade.

By 2030, Singapore’s share of residents with at least US$250,000 in wealth will grow to 67%.

According to HSBC, the growth of millionaires in Asia will continue through 2035, reaching 17% in Singapore, 15.1% in Australia, and 14.6% in Hong Kong.

According to the research, financial wealth in Asia began to exceed that of the United States following the 2008 global financial crisis. Following that, Japan accounted for more than half of the wealth in the region in the years that followed. However, by 2021, China’s share had risen to 46%, while Japan’s had plummeted to a quarter.

However, excluding Japan, Asia’s financial wealth remains lower than that of the United States, at roughly US$100 trillion.

If Japan is excluded, the number of millionaires in Asia is expected to rise from over 30 million now to more than 76 million by the end of the decade, according to Mr. Frederic Neumann, HSBC’s senior Asia economist, in the research.

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