More millionaires in S'pore even as global tally shrinks

World’s millionaires owned 288.8 trillion, nearly half of global household wealth: UBS

- Chor Khieng Yuit

The number of millionaires in Singapore rose to 333,204 in 2023. This was about 0.4 per cent more than the figure of 332,000 in 2022.

Conversely, the worldwide tally shrank to 58 million in 2023, from 59.4 million in 2022.

Millionaires – referring to those with a net worth of US$1 million and above – made up 1.5 per cent of the world’s population in 2023.

Despite forming such a small percentage, the world’s millionaires owned nearly half of global household wealth. Their total wealth came in at just under US$214 trillion (S$288.8 trillion), said UBS in the 15th edition of its Global Wealth Report, released on July 10.

The Swiss bank studied 56 markets in the Asia-Pacific, including Singapore; the Americas; and the Europe, Middle East and Africa regions for this year’s report.

These markets collectively represented over 92 per cent of the world’s wealth in 2022.

The US dollar was used in this study to make it easy to compare different economies.

The study found that the United States had the largest number of millionaires at nearly 22 million, making up 38 per cent of the world’s millionaires.