14 Oct '11, 2am

The number of millionaires in Singapore rose 21.3% last year

HONG KONG - Hong Kong posted the fastest pace of growth globally in the number of new millionaires for the second consecutive year with a 33 per cent jump last year, as Singapore saw its number of millionaires rise 21.3 per cent - the third-fastest rate of increase - fuelled by strong macroeconomic growth and by market performance. According to the Asia-Pacific Wealth Report distributed in Hong Kong yesterday, Hong Kong's number of high net worth individuals (HNWI) climbed to 101,300, and their wealth expanded 35 per cent to US$511 billion (S$654 billion). The report, done by Capgemini and Bank of America, looked at the number of HNWI - those who have at least US$1 million in investable assets excluding primary residences and collectibles. The gains helped drive up asset prices, with Singapore and Hong Kong posting the biggest increases in property prices last year, Bank o...

Full article: http://www.todayonline.com/Hotnews/EDC111014-0000248/Sing...

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