Singapore leads Southeast Asia in ultra-rich population – VnExpress International
The number of UHNW people in the city-state has increased by 54.5% over the last five years and is projected to climb to 10,497 by 2031, according to The Wealth Report 2026 published by property consultancy Knight Frank on Thursday.
The annual publication, now in its 20th year, offers global insights into wealth, real estate, luxury, and investment trends.
Among the six Southeast Asian countries covered, Indonesia ranks second with 3,833 ultra-high-net-worth individuals in 2026, marking a 36.6% increase since 2021.
Thailand follows with 2,853 individuals, while the Philippines has 1,910. Malaysia comes next at 1,566 and Vietnam records 1,233.
Galven Tan, CEO of Knight Frank Singapore, says Singapore offers the rich proximity to opportunity with mitigated exposure to jurisdictional risk, as quoted by EdgeProp.
He notes that the city-state allows investment teams to tap growth markets such as Indonesia, Vietnam and India while maintaining assets, structures and governance within a neutral and trusted base.
However, the report also points out that limited land availability, high living costs and tighter regulation have slowed Singapore's momentum.
The increase in Singapore's wealthy population comes as part of a wider surge in wealth across the Asia-Pacific region, which now has 219,310 UHNW individuals, making up more than 30% of the global total.
Southeast Asia, in particular, is emerging as one of the fastest-growing hubs of new wealth, Tan said, as quoted by The Business Times.
Indonesia is expected to record the strongest growth in UHNW population globally over the next five years, with the number projected to rise 81.7% to 6,966 by 2031.
The forecast five-year growth rates for UHNW population in Vietnam, Singapore and the Philippines are also in the global top 10.
By comparison, Singapore's long-standing rival for wealth leadership, Hong Kong, is home to 6,788 ultra-wealthy individuals, down 3.3% from 2021. However, the report suggests the city is bouncing back, supported by its IPO market and an inflow of mainland professionals via new talent visa scheme.
"Despite the competition, Singapore continues to stand out, cited by respondents as a 'necessary' hub location," the report says. "As wealth creation accelerates across Asia and family offices increasingly favour multi-hub strategies, the two centres are operating more as complementary nodes."
Globally, the U.S. and China lead in UHNW populations, with 251,352 and 121,677 individuals, respectively.
The U.S. also dominates in terms of wealth creation, accounting for about 41% of newly minted ultra-wealthy people over the last five years.
Key Insights
- This topic is currently trending
- Experts are closely monitoring developments
- It may impact future decisions
