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Singapore's millionaires count expected to surge 62% by 2025

Bloomberg
Bloomberg6/23/2021 10:38 AM GMT+08  • 1 min read
Singapore's millionaires count expected to surge 62% by 2025
Singapore may have 437,000 millionaires by 2025 compared with 270,000 in 2020.
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Singapore’s count of millionaires could increase by more than 60% over the five years from 2020 to 2025, according to Credit Suisse Group, part of a surge in millionaires expected in Asia as financial capitals emerge from the Covid-19 pandemic.

The city-state may have 437,000 millionaires by 2025 compared with 270,000 in 2020, according to the bank’s 2021 Global Wealth Report. That 62% pace would be faster than Hong Kong’s estimated 60% for the same period, but slower than the growth forecast in mainland China, India, Australia, South Korea and Tawian.

Singapore’s millionaire density -- or percentage of millionaires in the total population -- was 5.5% in 2020, the second-highest in Asia after Hong Kong’s 8.3%, the report said. The island nation’s Gini coefficient -- a more broad-based measure of wealth inequality -- was at 78.3 in 2020, much higher than Japan’s 64.4, South Korea’s 67.6 and Taiwan’s 70.8.

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