citizens and permanent residents. HSBC stated that it utilized millionaires’ bank deposits and investments in assets such as shares and bonds to calculate their net worth. After removing any existing mortgage balances, it also includes real estate assets, which include owner-occupied residences.
According to the bank, in Asia, Singapore is second only to Australia, whose percentage of millionaires per population was 8% in 2021. By 2030, Australia will fall to second position, with 12.5% of the population having at least one million dollars in cash and assets. In that year, 11.1% of Hong Kong’s population would be millionaires, compared to 9% in the United States, 7.2% in Japan, and 4.4% in China.
According to a research titled “The rise of Asian wealth”, Singapore’s percentage of citizens with a wealth of a minimum of US$250,000 will increase to 67% by 2030, which is second only to Australia’s rate of 70.8%. HSBC predicts that the number of millionaires in Asia will continue to rise until 2035, with Singapore’s share reaching 17%, ahead of Australia (15.1%) and Hong Kong (14.6%).
During the same time span, the number of millionaires in Singapore will increase from 400,000 to 700,000. According to Frederic Neumann, chief Asia economist at HSBC, the number of millionaires in Asia, excluding Japan, is expected to increase from about 30 million to more than 76 million by the end of the decade.
