The number of ultra-high-net-worth individuals (UHNWIs) in Singapore as of end-2022 stood at 4,498, a 6.9% increase year-on-year, according to data compiled in Knight Frank’s The Wealth Report. These individuals are defined as those with net assets of at least US$30 million ($40.3 million).

In contrast, the global population of UHNWIs contracted 3.8% last year, to 579,625, due mainly to weak performing equities and bond markets. This was accompanied by a 5% drop in the number of billionaires worldwide to 2,629.

The influx of wealthy investors in Singapore is indicative of their desire for stability in a turbulent world. Singapore’s location as an Asia Pacific gateway, modern infrastructure and pro-business climate further add to its appeal.

The United Arab Emirates saw the strongest growth in UHNWIs last year, recording an 18.1% rise to 1,116 individuals. Tanzania came in second place, with a 13.9% increase. Among Asian countries, Malaysia registered the highest growth, with a 9.4% jump in its UHNWI population, followed by Indonesia at 9%.

At the same time, the number of high-net-worth individuals (HNWIs), or those with US$1 million or more in net assets, grew 2.9% globally to nearly 70 million. Malaysia, Brazil, and Indonesia were the three top countries for HNWI growth.

Knight Frank’s forecasts point to a slower growth in UHNWIs over the next five years, with a 28.5% increase to almost 744,000 by 2027. This is compared to a 44% growth registered between 2017 and 2022. On the other hand, the number of HNWIs is expected to swell by 56.9% and exceed 100 million by 2027.

The Wealth Report also identifies the individual wealth threshold to be included in the top 1% in different countries around the world. Singapore has the highest threshold in Asia, requiring US$3.5 million, ahead of Hong Kong’s US$3.4 million. Georgeous Monaco has the highest at US$12.4 million, followed by Switzerland (US$6.6 million), Australia (US$5.5 million), New Zealand (US$5.2 million) and the US (US$5.1 million).

The project also features a range of luxury amenities such as a private indoor pool, clubhouse, and BBQ area, to cater to the diverse lifestyle needs of residents in the area. With 662 meticulously designed units, Altura EC promises to be the perfect living experience for residents in search of sophistication and modern living. With the Altura EC Bukit Batok, residents can look forward to an abundance of conveniences and exclusivity which is unique and extraordinary and truly unmatched in western Singapore.

As the world continues to grapple with uncertainty, Singapore remains an attractive destination for the ultra-rich. Its appeal is further bolstered by an environment that seeks to nurture sustainable wealth creation that can benefit the larger community.