The number of ultra-wealthy individuals continued to increase in Singapore despite the impact of the pandemic, making it the Asian country with the second highest rate of growth in 2020. According to Knight Frank’s 2021 Wealth Report, the population of ultra-high-net-worth individuals (UHNWIs) in Asia Pacific region is forecast to increase by 33% in the next five years, which is significantly higher than the global average of 27%.

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