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Singapore ranked 22nd among 56 markets studied in the report. Its number of millionaires is expected to rise by 13% to 373,725 in 2028.
Singapore’s millionaires had a combined net worth of US$1.2 trillion. Millionaires accounted for 6.6% of Singapore’s population.
The U.S. ranked top in the study with 21.95 million millionaires last year, followed by mainland China, the U.K. and France.
In Asia, notable markets included Japan with 2.83 million millionaires, India (868,700) and Hong Kong (629,200).
In terms of wealth per adult, Singapore came in the 8th spot globally at $397,700.
"In markets where average wealth growth strongly exceeds median growth, like Singapore, it appears that most of the rise in wealth has benefited the upper income brackets", the report said.
Switzerland secured the top place at $709,600 per person, followed by Luxembourg, Hong Kong and the U.S.
