20 Jun '12, 12pm

Singapore now has more rich individuals than Hong Kong - Channel NewsAsia

SINGAPORE: Singapore has overtaken Hong Kong in terms of its population of high net worth individuals for the first time since 2009, according to the Capgemini-Royal Bank of Canada World Wealth Report. High net worth individuals are defined as those with more than US$1 million worth of investable assets. According to the Capgemini-Royal Bank of Canada World Wealth Report, Singapore has 91,200 high net worth individuals in 2011, compared to 83,600 for Hong Kong. However, both regions saw a dip in their wealthy populations. Singapore saw an 8 per cent drop while Hong Kong had a whopping 17 per cent fall in their numbers of high net worth individuals. The Royal Bank of Canada (RBC) says this is in part due to the market volatility last year, which wiped out billions from the stock markets. Despite this, the Asia Pacific remains the region with the most high net worth individu...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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