Homes at Sentosa Cove. The number of ultra wealthy people in Singapore grew slightly last year, as did the amount of wealth they collectively own, thanks mainly to rising real estate prices. -- ST FILE PHOTO: CAROLINE CHIA
The number of ultra wealthy people in Singapore grew slightly last year, as did the amount of wealth they collectively owned, thanks mainly to rising real estate prices.
The latest Wealth-X and UBS World Ultra Wealth Report, released on Tuesday, said the ranks of the super rich in Singapore grew to 1,355 by July this year, up 3.8 per cent from 1,305 in July last year.
These ultra high net worth individuals, as defined by Wealth-X, are people who have assets of at least US$30 million each. This includes the house that they live in, their savings as well as the value of any businesses they might own.
This group had a combined wealth of US$160 billion in July this year, up 3.2 per cent from US$155 billion a year ago.
