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SG S'pore has 5th largest billionaire population in Asia

Property Here - Thursday, November 07, 2013

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Home to 28 billionaires, Singapore has Asia’s fifth largest billionaire population and the world’s 18th largest, according to the Wealth-X and UBS Billionaire Census 2013. 

The city-state is behind China, India, Hong Kong and Japan but is ahead of Taiwan, Indonesia and South Korea. 

Globally, 2,170 individuals are listed on this ultra-rich category this year. 

These individuals have a combined net worth that grew by more than two-fold to US$6.5 trillion (S$8 trillion) in 2013 from US$3.1 trillion (S$3.85 trillion) in 2009. That is enough to finance the US budget deficit till 2024 and is more than the GDP of any country except China and the United States.

In general, a Singapore billionaire is 64-years-old with at least a university degree and has most likely made a fortune from banking, investments and finance.

Self-made billionaires account for 44 percent of Singapore’s billionaires or more than double the percentage of Hong Kong’s self-made billionaires at 20 percent. In addition, only 15 percent amassed their fortune through an inheritance, while 41 percent inherited and subsequently grew their wealth.  

Meanwhile, Singapore has emerged as Asia’s top city of residence for billionaires from Indonesia, India and China.