The wealth of HNWIs in Singapore grew by 12.8% to $858.42 billion in 2017.
Singapore now has more high net worth individuals (HNWIs), whose wealth also grew by 12.8 percent from $761.24 billion in 2016 to $858.42 billion in 2017, reported Singapore Business Review citing consultancy firm Capgemini.
The number of HNWIs in the city-state rose 11.5 percent to 122 in 2017 from 109 previously.
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Based on Capgemini’s World Wealth Report 2018, their wealth was driven by the growth in GDP which climbed 3.6 percent in 2017, the recovery in real estate prices (up 1.1 percent), and national savings which stood at 46.5 percent. Market capitalisation also rose in 2017.
The consultancy noted that MAS core inflation averaged around 1.5 percent last year and is expected to hit the upper half level in the 1.0 to 2.0 percent range.
With government spending on security, healthcare and other social schemes expected to reach 3.0 percent of the GDP in the next 10 years compared to 2.2 percent in 2017, the Singapore government decided to increase taxes in order to meet the demands.
Globally, the wealth of HNWIs breached the US$70 trillion (S$94.9 trillion) mark for the first time. Posting its sixth year of gains in a row, HNWI wealth jumped 10.6 percent – making 2017 the second-fastest year of growth since 2011.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org