A thousand millionaires in Singapore are ‘crazy rich’: Credit Suisse

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Credit Suisse added that in Singapore, there are around 1,000 ultra high net worth individuals who hold more than S$68.9 million (US$50 million) in wealth, a 1.1 per cent increase in the 12-month period.

Household wealth in the U.S.is continuing to see an "unbroken spell of wealth gains" but China has replaced Japan in second place in the world wealth hierarchy, according to Credit Suisse's latest report on global wealth.

The term wealth is defined as the value of financial assets (such as stocks and fixed interest instruments) plus real assets (such as property and gold) owned by the households, minus their debts.

"By mid-2018, there were an estimated 3,43,000 millionaires in India, a rise of 7,300", Credit Suisse's 2018 global wealth report said, adding of these, 3,400 have wealth over $50 million, while 1,500 of them have wealth over $100 million each. Although the US will remain a world leader in the number of millionaires, reaching as many as 20.5 million over the next five years, Credit Suisse forecasts that China will mint new seven-figure fortunes at more than three times the rate over the same period.

Globally, wealth per adult grew by 3.2 per cent to a record high $63,100 per adult.

Read | Where does India's wealth lie? The report said there was evidence that suggests the wealth growth pattern has recently shifted back toward the pre-financial crisis pattern.

The report noted that population growth was overtaken by aggregate global wealth, which went up by 4.6 percent to US$317 trillion in the last 12 months.

The US and China were the biggest contributors to global wealth with the US adding US$6.3 trillion and China adding US$2.3 trillion, reaching US$98 million and US$52 million respectively. The Asia-Pacific (including China and India) emerged on top as the largest wealth region, as household wealth grew 3 per cent to more than US$114 trillion.

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The average personal wealth per adult in India has risen by almost 300 per cent since 2000, but as much as 91 per cent continue to languish at the bottom of the pyramid with personal wealth of less than $10,000, according to the latest Credit Suisse report on global wealth.

A forecast made by Credit Suisse showed that Singapore's millionaires should grow by 5.5 percent per annum in the next five years to reach 239,640. House-price movements are a proxy for the non-financial component of household assets, which reached a high of 9 per cent for India, it said.

Switzerland remains the richest nation in the world with its wealth per adult of US$530,240, followed by Australia with US$411,060.

Asia-Pacific economies "continue to make significant contribution to global high net worth wealth pool, with China, Japan, Australia, Korea and Taiwan making up more than 8.8 million millionaires, representing over 20 per cent of the global total", Mr Woods said.

China is home to the second largest number of wealthy households, having added United States dollars 2.3 trillion to reach USD 52 trillion.

Non-financial assets were the main growth drivers in all regions except North America, and accounted for 75 per cent of wealth growth in China and Europe and 100 per cent in India.

Emerging markets wealth will grow at a faster rate of 7.3 percent per annum and will be responsible for 32 percent of the growth, despite accounting for just 21 percent of the current wealth.

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