Which Southeast Asian country has the most individuals with $10M+ net worth?

The city-state had 9,674 high-net-worth individuals last year, accounting for 0.4% of the global number, according to The Wealth Report 2025 released earlier this month by data researcher Knight Frank.

Analysts attribute the Singaporean government’s favorable policies toward businesses as a key factor contributing to the wealth of its citizens.

"Europe is overburdened with regulation," says Kallum Pickering, chief economist at U.K. investment bank Peel Hunt. "Just compare it with places like Singapore, which are so pro-business. Investors know where they are likely to get better returns."

Singapore is also among the popular choice for family offices – private organizations set up to manage the wealth of millionaire or billionaire families. Other favorite destinations are London, New York, Geneva, Sydney and Hong Kong.

Singapore also ranks fourth in the list of top destinations for cross-border investment last year with $5 billion in overseas private capital, behind London ($9.6 billion), Sydney ($8.6 billion) and Tokyo ($5.6 billion).

In the six Southeast Asian countries studied, Thailand ranked second with 9,192 people owning $10 million in wealth, and Indonesia came third at 8,120.

Malaysia, the Philippines and Vietnam rounded up the list.

Globally, the U.S. had the largest number of high-net-work individuals at 905,400, followed by mainland China (471,600) and Japan (122,100).

Knight Frank pointed out that nearly 40% of the world’s wealthy reside in the U.S. No other country is as successful at creating homegrown wealth or attracting wealthy migrants.

The mobility of wealth is only set to increase, fueling supercharged growth in housing markets such as Miami, Palm Beach and Aspen in the U.S., it added.