Singapore drops behind Hong Kong in number of millionaires

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hongkong_0Hong Kong in 2012 surpassed Singapore both in number of millionaires and their total pool of wealth, according to a new report released by RBC Wealth Management and Capgemini on June 19.

The combined wealth of Hong Kong’s high-net-worth population, defined as those with investable wealth greater than $1 million, soared 37 per cent in 2012 to $560 billion, surpassing the wealth of Singapore millionaires which now stands at $489 billion, the report said.

In 2011, wealth of Singapore millionaires stood at $438.6 billion, higher than Hong Kong’s millionaires at $408.2 billion.

The shift has mainly to do with the performance of Asian stock markets in 2012, whereby Hong Kong’s wealthy had been luckier than their Singapore counterparts.

As per the study, Hong Kong counted 113,500 millionaires and Singapore 100,500 as per the end of 2012.

The richest person in Hong Kong is Hutchison and Cheung Kong Group owner Li Ka-Shing, while the richest Singaporean is Robert Ng, who owns an investment and hospitality conglomerate.

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Reading Time: 1 minute

Hong Kong in 2012 surpassed Singapore both in number of millionaires and their total pool of wealth, according to a new report released by RBC Wealth Management and Capgemini on June 19.

Reading Time: 1 minute

hongkong_0Hong Kong in 2012 surpassed Singapore both in number of millionaires and their total pool of wealth, according to a new report released by RBC Wealth Management and Capgemini on June 19.

The combined wealth of Hong Kong’s high-net-worth population, defined as those with investable wealth greater than $1 million, soared 37 per cent in 2012 to $560 billion, surpassing the wealth of Singapore millionaires which now stands at $489 billion, the report said.

In 2011, wealth of Singapore millionaires stood at $438.6 billion, higher than Hong Kong’s millionaires at $408.2 billion.

The shift has mainly to do with the performance of Asian stock markets in 2012, whereby Hong Kong’s wealthy had been luckier than their Singapore counterparts.

As per the study, Hong Kong counted 113,500 millionaires and Singapore 100,500 as per the end of 2012.

The richest person in Hong Kong is Hutchison and Cheung Kong Group owner Li Ka-Shing, while the richest Singaporean is Robert Ng, who owns an investment and hospitality conglomerate.

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