The recent spate of billionaires buying Good Class Bungalows (GCBs) costing eight or nine digit figures here in Singapore should not raise any more eyebrows. For years, the city-state has built a reputation as the ideal place to park and manage their riches while feeding the booming asset and wealth management industries.

Wealth has grown in Singapore, and this is evident as the number of billionaires in the city has increased from just 23 in 2014, to 30 in 2019. That number is expected to reach 38 in 2024, according to data from Germany-based global research firm Statista.

Credit Suisse estimates that there were some 270,000 millionaires in Singapore last year, representing 5.5% of the total population. This number is expected to increase by over 60% in 2025.

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