Singapore will have most millionaires per capita in the world

According to a HSBC Bank global study, Singapore will have more millionaires relative to its population than USA and China by the year 2030.

In 2021, 7.5% of Singapore residents had wealth of at least US$1 million. This figure is expected to go up to 13.4% in year 2030. 

This study looks at resident population that comprises citizens and permanent residents.

To measure the wealth of millionaires, HSBC Bank data includes cash in the banks, investment in securities, real estate holdings after deducting outstanding mortgage amounts. 

To compensate for its low birth rate, Singapore grants citizenship to about 20,000 people annually, mostly from China, India and Malaysia. Many of these new citizens bring their wealth to Singapore and push up retail prices especially residential properties and COE of big cars.