Singapore has world's highest proportion of millionaires: report

13:18, June 02, 2011      

Email | Print | Subscribe | Comments | Forum 

About 15.5 percent of the households in Singapore has more than 1 million U.S. dollars of investable assets in 2010, the highest proportion in the world, a latest report said.

The global wealth report released by the Boston Consulting Group showed that the number of households with more than 1 million U.S. dollars of assets aside from properties occupied by the owners grew by almost 33 percent from 2009, local media reported on Thursday.

Switzerland is the second with 9.9 percent of its households joining the millionaire club, followed by 8.9 percent for Qatar, 8. 7 percent for China's Hong Kong and 8.5 percent for Kuweit.

The United States was ranked the 7th at 4.5 percent, but it has by far the largest number of millionaire households -- about 5.2 million. In terms of the total number of such households, Japan was the second and China, the third.

For the world as a whole, the proportion of millionaire households was about 0.9 percent, but they owned about 39 percent of the world's wealth, up from 37 percent in 2009.

The Straits Times quoted an economist as saying that a number of factors contributed to the surge in the proportion of its millionaire households.

"Singaporeans saw their wealth surge because of the stronger Singapore dollar, sharp economic rebound and soaring asset prices, including property," said Chua Hak Bin, Bank of America Merrill Lynch economist. "Openness to foreign talent and wealthy 'new' Singaporeans probably also expanded the number of millionaires."

Source: Xinhua
Wen Jiabao attends trilateral leaders' meeting of China,Japan and ROK
The Third China-U.S.Strategic and Economic Dialogue
  Weekly review  
May 27   Kim calls for close ties through generations
May 23   China intends to enhance friendship with Japan
May 23   Expert: Ecological problems not all due to Three Gorges Dam
May 24   Top military official's visit promotes China-US military ties
May 28   The week in pictures
May 25   'China fever' sweeps US tourism industry
May 26   US should not monopolize cyber affairs
May 26   Salty tide hits Shanghai as drought lingers
May 25   A new chapter for China-South Africa cooperation
May 27   Military trusted most of all Chinese institutions


  • Do you have anything to say?


Special Coverage
  • China battles droughts
  • Wen Jiabao attends trilateral leaders' meeting of China, Japan and ROK
Major headlines
Editor's Pick
  • CAA graduates present creations
  • Sharapova, Li Na reach French Open semi-finals
  • AFRICOM Commander disproves report on mercenaries sent by Algeria in Libya
  • Tallest building in Tianjin erected
  • Chinese Welfare Association Children's Palace celebrate Int'l Children's Day
  • Volunteer action brings new hope to migrant workers' children
Hot Forum Dicussion