04 Jun '11, 3am

[TR] Singapore: the place to meet a millionaire

Wall Street Journal, 3 June 2011 According to a Boston Consulting Group report, the island city-state has the highest concentration of millionaire households in the world, with 16 per cent of all households boasting at least $US1 million ($940,000) in assets under management. The figure is far higher than second-ranked Switzerland, where 9.9 per cent of its households are in the millionaire category. Hong Kong came in fourth place, with 8.7 per cent, while the US came in seventh, with 4.5 per cent. The consulting firm defines “assets under management” as cash deposits, money market funds, listed securities (held directly or indirectly through managed funds), and onshore and offshore assets. It excludes wealth attributed to investors’ own business, residences or luxury goods. BCG’s global wealth study, now in its 11th year, also showed that China’s millionaire ranks are swe...

Full article: http://www.temasekreview.com/2011/06/04/singapore-the-pla...

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